<SEC-DOCUMENT>0001292814-23-000503.txt : 20230216
<SEC-HEADER>0001292814-23-000503.hdr.sgml : 20230216
<ACCEPTANCE-DATETIME>20230216165253
ACCESSION NUMBER:		0001292814-23-000503
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230216
DATE AS OF CHANGE:		20230216

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:		23639167

	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>valedfifrs4q22_6k.htm
<DESCRIPTION>FORM 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"> February 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">&nbsp;<IMG SRC="valedfifrs4q226k_001.jpg" ALT=""></P>

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

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


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<P STYLE="color: #365F91; font: 16pt Cambria, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in; text-align: center">&nbsp;</P>

<P STYLE="color: teal; font: 16pt Vale Sans,sans-serif; margin: 0 0 0 35.45pt; text-align: center"><B>Contents</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0 0 10pt 35.45pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_001">Report of Independent Registered Public Accounting Firm</A></B></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_001">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_002">Consolidated Income Statement</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_002">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_003">Consolidated Statement of Comprehensive Income</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_003">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_004">Consolidated Statement of Cash Flows</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_004">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_005">Consolidated Statement of Financial Position</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_005">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_006">Consolidated Statement of Changes in Equity</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_006">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_007">1.</A></B> &nbsp;<B><A HREF="#a_007">Corporate information</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_007">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_008">2.</A></B> &nbsp;<B><A HREF="#a_008">Basis of preparation of financial statements</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_008">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_009">3.</A></B> &nbsp;<B><A HREF="#a_009">Significant events in the current year</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_009">15</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_010">4.</A></B> &nbsp;<A HREF="#a_010"><B>Information by business segment and geographic area</B></A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_010">16</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_011">5.</A></B> &nbsp;<B><A HREF="#a_011">Costs and expenses by nature</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_011">20</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_012">6.</A></B> &nbsp;<B><A HREF="#a_012">Financial results</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_012">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_013">7.</A></B> &nbsp;<B><A HREF="#a_013">Streaming transactions</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_013">21</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_014">8.</A></B> &nbsp;<B><A HREF="#a_014">Income taxes</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_014">23</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_015">9.</A></B> &nbsp;<B><A HREF="#a_015">Basic and diluted earnings (loss) per share</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_015">28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_016">10. Cash flows reconciliation</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_016">28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_017">11. Accounts receivable</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_017">30</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_018">12. Inventories</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_018">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_019">13. Suppliers and contractors</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_019">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_020">14. Other financial assets and liabilities</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_020">32</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_021">15. Investments in subsidiaries, associates, and joint ventures</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_021">34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_022">16. Acquisitions and divestitures</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_022">38</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_023">17. Intangibles</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_023">44</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_024">18. Property, plant, and equipment</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_024">45</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_025">19. Impairment reversal (impairment and disposals) of non-current assets</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_025">47</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_026">20. Financial and capital risk management</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_026">49</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_027">21. Financial assets and liabilities</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_027">59</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_028">22. Participative shareholders&rsquo; debentures</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_028">61</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_029">23. Loans, borrowings, leases, cash and cash equivalents and short-term investments</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_029">61</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_030">24. Brumadinho dam failure</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_031">64</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_031">25. Liabilities related to associates and joint ventures</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_031">67</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_032">26. Provision for de-characterization of dam structures and asset retirement obligations</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_032">70</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_033">27. Provisions</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_033">72</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_034">28. Litigations</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_034">72</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_035">29. Employee benefits</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_035">75</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_036">30. Equity</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_036">84</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_037">31. Related parties</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_037">87</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Vale Sans">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 35.45pt"><B><A HREF="#a_038">32. Commitments and guarantee</A></B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><A HREF="#a_038">88</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt 35.45pt"><B>&nbsp;</B></P>

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


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

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify"><A NAME="a_001"></A><B>Report of Independent Registered Public Accounting
Firm</B></P>

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

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Opinions on the Financial Statements and Internal Control over Financial
Reporting</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">We have audited the accompanying consolidated statement of financial position
of Vale S.A. and its subsidiaries (the &quot;Company&quot;) as of December 31, 2022 and 2021, and the related consolidated income statement,
consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for
each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the &quot;consolidated
financial statements&quot;). We also have audited the Company's internal control over financial reporting as of December 31, 2022, based
on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its
operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with International Financial
Reporting Standards as issued by the International Accounting Standards Board. Also, in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control
- Integrated Framework (2013) issued by the COSO.</P>

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">The Company's management is responsible for these consolidated financial
statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal
control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility
is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was
maintained in all material respects.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">Our audits of the consolidated financial statements included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.<BR STYLE="clear: both">
</P>


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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Definition and Limitations of Internal Control over Financial Reporting</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">A company's internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those
policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures
of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could
have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Critical Audit Matters</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">The critical audit matters communicated below are matters arising from the
current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee
and that: (i) relate to accounts or disclosures that are material to the consolidated financial statements; and (ii) involved our especially
challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the
consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate
opinions on the critical audit matters or on the accounts or disclosures to which they relate.</P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt"><I>Provisions for de-characterization of the dam structures</I></P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt">As described in Note&nbsp;26 (a) to the consolidated financial statements,
the Company&rsquo;s provision for de-characterization of all its tailings dams built under the upstream method, certain &ldquo;centerline
structures&rdquo; and dikes, located in Brazil was US$&nbsp;3,378 million as of December 31, 2022, and additions to the provision for
the year ended December 31, 2022 was US$ 72 million. The provisions recorded are based on the estimation of costs to be incurred for each
of the de-characterization projects that will last up to 13 years. Management applies significant judgment in developing the estimates
for de-characterization of the dams structures including (i) volume of the waste to be removed based on historical data available and
interpretation of the enacted laws and regulations; (ii) location availability for the tailings disposal; (iii) engineering methods and
solutions; (iv) security levels; (v) productivity of the equipment used; (vi) advances in geological studies and new hydrological information;
and (vii) discount rate update. In addition, as management has further disclosed, given the nature and uncertainties inherent in this
type of provision, the amounts recognized and disclosed will be reassessed by the Company at each reporting period and may be adjusted
significantly in future periods, as new facts and circumstances become known.</P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt">The principal considerations for our determination that performing procedures
relating to the provisions for de-characterization of the dams structures is a critical audit matter are (i) the significant judgment
by management, including the use of specialists, when developing the estimates of the total expected costs to carry out all de-characterization
projects related to the dams, which in turn led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures
and evaluating management&rsquo;s significant assumptions related to volume of the waste to be removed and engineering methods and solutions,
and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.</P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing
the effectiveness of controls relating to management's estimates of the provision for de-characterization of the dams structures. The
work of management&rsquo;s specialists was used in performing the procedures to evaluate the reasonableness of the engineering solutions
and significant assumptions used by management related to volume of the waste to be removed and engineering methods to execute this removal.
As a basis for using this work, the specialists&rsquo; qualifications were understood and the Company&rsquo;s relationship with these
specialists was assessed. The procedures performed also included evaluation of the methods and assumptions used by specialists and procedures
to assess whether these were consistent with internal and external references, as well as evidence available or obtained
in other areas of the audit. Additionally, these procedures included evaluating whether the assumptions related to volume of the waste
to be removed and engineering methods and solutions were reasonable considering the information available according to the engineering
phase of each project and the historic information gathered from the ongoing de-characterizations projects of the Company.</P>


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<P STYLE="font: 11pt/97% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt"><I>Tax litigation</I></P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt">As described in Note&nbsp;28 to the consolidated financial statements,
the Company has recognized provisions for tax litigations in the amount of US$&nbsp;576 million as of December 31, 2022 and disclosed
contingent liabilities related to tax litigation in the amount of US$&nbsp;6,590 million, and US$ 3,659 million related to uncertain income
tax position under discussion with tax authorities, as described in Note 8 (e). The Company recognizes a provision for tax litigation
in the consolidated financial statements for the resolution of pending litigation when the Company has a present obligation as a result
of a past event and management determines that a loss is probable, and the amount of the loss can be reasonably estimated, with the support
of Company&rsquo;s specialists. No provision for tax litigation is recognized in the consolidated financial statements for unfavorable
outcomes when, after assessing the information available, (i) management concludes that it is not probable that a loss has been incurred
in any of the pending litigation; or (ii) management is unable to estimate the loss or range of loss for any of the pending matters. In
case of income tax pending litigations, management determines whether it is probable or not that taxation authorities will accept the
uncertain tax treatment. If management concludes it is not probable that taxation authorities will accept the uncertain tax treatment,
a provision for income tax is recognized. The Company also discloses the contingency in circumstances where management concludes: (i)
no loss is probable or reasonably estimable, but it is reasonably possible that a loss may be incurred; or (ii) in case of income tax
pending litigations, it is probable that the taxation authority will accept the uncertain tax treatment.</P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt">The principal considerations for our determination that performing procedures
relating to tax litigation are a critical audit matter are (i) the significant judgments by management when assessing the likelihood of
a loss being incurred and when determining whether a reasonable estimate of the loss or range of loss and possible outcomes for each tax
litigation claim can be made, which in turn led to a high degree of auditor judgment, subjectivity and effort in evaluating management&rsquo;s
assessment of the loss contingencies associated with litigation claims; and (ii) the audit effort involved the use of professionals with
specialized skill and knowledge.</P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing
the effectiveness of controls relating to management's evaluation of tax litigation claims, including controls over determining whether
a loss is probable and whether the amount of loss can be reasonably estimated, or whether it is probable the taxation authority will not
accept the income tax pending litigation, as well as financial statement disclosures. These procedures also included, among others, obtaining
and evaluating the&nbsp;letters of audit inquiry with internal and external legal counsel, evaluating the reasonableness of management's
assessment regarding whether unfavorable outcomes is reasonably possible or probable and reasonably estimable and evaluating the sufficiency
of the Company's tax litigation contingencies disclosures. The work of Company&rsquo;s specialists was used in performing the procedures
to evaluate the reasonableness of the estimates related to the tax litigation claims. As a basis for using this work, the specialists'
qualifications and objectivity were understood, as well as the methods and assumptions used by them. The procedures also included an evaluation
of the specialists' findings. In addition, professionals with specialized skills and knowledge were used to assist in the evaluation of
the reasonableness of the estimate or range of loss and possible outcomes of the main tax litigation claims.</P>

<P STYLE="font: 10pt/97% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">February 16, 2023</P>

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 10pt">We have served as the Company's auditor since 2019.</P>


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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B></B>&nbsp;<IMG SRC="valedfifrs4q226k_003.jpg" ALT=""></P>

<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 16pt"><B>Management&rsquo;s
Report on Internal Control over Financial Reporting</B></FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The management of Vale S.A (Vale) is responsible for
establishing and maintaining adequate internal control over financial reporting.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale&rsquo;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. The company&rsquo;s internal control over
financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions
are recorded to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&rsquo;s
assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of the effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, and that the degree of compliance with the
policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Vale&rsquo;s management has assessed the effectiveness
of the company&rsquo;s internal control over financial reporting as of December 31, 2022, based on the criteria established in Internal
Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based
on such assessment and criteria, Vale&rsquo;s management has concluded that the company&rsquo;s internal control over financial reporting
is effective as of December 31, 2022.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The effectiveness of the company&rsquo;s internal control
over financial reporting as of December 31, 2022, has been audited by PricewaterhouseCoopers Auditores Independentes Ltda., an independent
registered public accounting firm, as stated in their unqualified report which appears herein.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">February 16<SUP>th</SUP>, 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Eduardo de Salles Bartolomeo</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Chief Executive Officer</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Gustavo Duarte Pimenta</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Chief Financial Officer and Investors Relation</P>

<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"></P>

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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_002"></A>Consolidated Income Statement</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0"><B>In millions of United States dollars, except earnings per share </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4(d) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43,839</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54,502</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39,545</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24,028)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(21,729)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(17,564)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,811</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>32,773</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21,981</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Selling and administrative</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(515)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(481)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(491)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(660)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(549)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(415)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(479)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(648)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(887)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5(c), 24 and 26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,722)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,976)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,057)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,376)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,654)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(7,850)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">773</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(426)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,308)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,208</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27,693</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,823</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">520</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">337</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">307</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,179)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,249)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,158)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial items, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,927</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,031</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,962)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15 and 25</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,271)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,020)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,781</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,541</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,990</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,971)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,697)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(735)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income from continuing operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16,810</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,844</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,255</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">108</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income from continuing operations attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>16,728</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,736</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,258</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Discontinued operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,376)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,724)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loss attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(347)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) from discontinued operations attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,291)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,377)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,870</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,468</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,531</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(350)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,788</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,445</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,881</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share attributable to Vale's shareholders:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.47</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.95</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">As described in note 16(a), the coal segment is presented in these
financial statements as a &ldquo;discontinued operation&rdquo;, therefore, the comparative financial information in the Income Statement
were reclassified accordingly.</P>

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

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

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

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


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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_003"></A>Consolidated Statement of Comprehensive
Income</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>In millions of United States dollars</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,870</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,468</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,531</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other comprehensive income (loss):</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,259</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,174)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9,160)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Retirement benefit obligations </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">269</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">475</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(88)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value adjustment to investment in equity securities </FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">397</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">101</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,528</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,302)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(9,147)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,306)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">918</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,473</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net investment hedge </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(578)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash flow hedge </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(105)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative translation adjustment to income statement </FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15 and 16</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,830)</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,749)</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(135)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,036)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,946)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,655</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total comprehensive income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,362</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,220</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(961)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Comprehensive income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(318)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Comprehensive income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,282</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,199</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(643)</B></FONT></TD></TR>
  </TABLE>

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

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

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

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

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


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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_004"></A>Consolidated Statement of Cash Flows</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>In millions of United States dollars</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10(a)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,762</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>33,414</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,894</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on loans and borrowings paid </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(785)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(693)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(755)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash paid on settlement of derivatives, net</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(197)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(34)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to Brumadinho event </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,093)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,388)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(516)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments related to de-characterization of dams </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(349)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(293)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on participative shareholders' debentures paid </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(371)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(418)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(183)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes (including settlement program)</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,637)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,385)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,736)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash generated by operating activities from continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,444</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>25,995</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,377</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net cash generated (used) in operating activities from discontinued operations</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(316)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,055)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>25,679</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,322</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Capital expenditures</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,446)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,033)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,227)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions to investments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(42)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(131)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from the sale of investments, net</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">586</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">714</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">407</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends received from associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">219</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">190</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">173</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investment</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">260</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">582</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(194)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other investments activities, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(202)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(552)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(568)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in investing activities from continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,583)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,141)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,540)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net cash used in investing activities from discontinued operations </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,469)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(129)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,686)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,610)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,669)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings from third-parties </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,275</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">930</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,800</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments of loans and borrowings from third-parties </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,300)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,927)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,064)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments of leasing </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(224)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(215)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(204)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends and interest on capital paid to shareholders</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,603)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13,483)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,350)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(14)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares buyback program </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,036)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,546)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transactions with noncontrolling shareholders of PTVI</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(k)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">278</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transactions with noncontrolling shareholders of MBR</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(m)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(107)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in financing activities from continuing operations</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13,900)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(20,271)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,661)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net cash used in financing activities from discontinued operations </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13,911)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(20,284)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,676)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Increase (reduction) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(7,112)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,215)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,977</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents in the beginning of the year</FONT></TD>
    <TD STYLE="border-top: teal 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,721</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13,487</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,350</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">138</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(551)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(825)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents from subsidiaries sold, net </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash and cash equivalents at end of the year</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,736</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,721</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,487</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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


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    <!-- Field: /Page -->

<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B><A NAME="a_005"></A>Consolidated Statement of Financial
Position</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>In millions of United States dollars</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">184</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,319</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,914</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">111</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,482</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,377</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(f)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,272</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">862</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">314</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">215</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,526</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21,384</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets held for sale</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">976</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,526</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,360</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28(c) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,215</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,220</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">280</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">143</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(f)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,110</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">935</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,770</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,441</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,019</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">650</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,394</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,389</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,798</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,751</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Intangibles</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,238</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9,011</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant, and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44,938</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41,931</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>71,368</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>67,082</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86,894</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>89,442</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,461</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,475</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans, borrowings, and leases</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">489</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,204</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,672</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,312</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(f)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">470</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,177</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(d)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">371</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">324</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,911</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,785</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,036</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,045</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">944</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,156</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">661</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">621</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,383</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">493</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">744</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,891</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,843</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">355</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,891</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,198</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans, borrowings, and leases</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,223</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,578</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,843</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,571</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(d)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,869</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,964</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8(a)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,413</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,881</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,446</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,368</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,381</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,520</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,482</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,410</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,327</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Streaming transactions</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,612</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,779</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">216</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">137</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>35,645</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>38,938</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>49,536</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>54,136</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity attributable to Vale's shareholders</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35,867</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34,472</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,491</FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1.5pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">834</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 69%; border-top: #D9D9D9 1pt solid; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: #D9D9D9 1pt solid; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: teal 1.5pt solid; border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>37,358</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1.5pt solid; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>35,306</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86,894</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1.5pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>89,442</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_006"></A>Consolidated Statement of Changes in Equity</B></P>

<P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: justify"><B>In millions of United States dollars</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Share capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Treasury shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other reserves</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>Retained </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><B>earnings</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity attributable to Vale&rsquo;s shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>61,614</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,139</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,090</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2,455)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2,110)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(25,211)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>40,067</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,074)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>38,993</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net income (loss)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,881</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,881</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(350)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,531</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,448)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">267</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4,343)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,524)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,492)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,329)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,152)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,481)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,481)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisitions and disposal of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(k) and (m)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(213)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(213)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">455</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">242</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Capitalization of noncontrolling interest advances</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Appropriation to undistributed retained earnings </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,729</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,729)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Treasury shares utilized </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>61,614</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,139</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,042</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2,441)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(2,056)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(29,554)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>35,744</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(923)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>34,821</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net income </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22,445</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22,445</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22,468</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">758</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">886</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,890)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,246)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,248)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fair value reclassification of Mosaic shares </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(522)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">522</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4,296)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8,368)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12,664)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12,664)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(25)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(25)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisitions and disposal of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(331)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(331)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,761</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,430</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Appropriation to undistributed retained earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,599</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14,599)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Shares buyback program</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">30(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,546)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,546)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,546)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Share-based payment program </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">63</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Treasury shares used and canceled</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">30(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,401)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,408</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>61,614</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,139</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>15,702</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(5,579)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,960)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(36,444)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>34,472</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>834</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>35,306</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18,788</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18,788</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18,870</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">756</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">269</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4,531)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,506)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,508)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">30(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,500)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4,386)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7,886)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7,886)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisitions and disposal of noncontrolling interest (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">584</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">584</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Appropriation to undistributed retained earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,402</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14,402)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Shares buyback program</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">30(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,036)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,036)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,036)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Treasury shares used and canceled</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">30(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,616)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,635</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Share-based payment program </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>61,614</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,139</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>20,744</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(4,980)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,675)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(40,975)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>35,867</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,491</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1.5pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>37,358</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">(i) Includes mainly the derecognition of noncontrolling interest due to the sale
of coal operations in the amount of US$585 (note 16a).</P>

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

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt">The accompanying notes are an integral part of these financial statements.</P>


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    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_007"></A>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Corporate information</B></FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Most of the Company&rsquo;s products are sold to international
markets, through the Company&rsquo;s main trading Company, Vale International S.A. (&ldquo;VISA&rdquo;), a wholly owned subsidiary located
in Switzerland. To outflow its production, Vale also operates a railroad and port logistics system in Brazil.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Additionally, Vale has equity investments and energy assets
to reduce energy costs, minimize the risk of shortages and meet its energy consumption needs through renewable sources.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company also used to produce and sell thermal and metallurgical
coal until April 2022, when Vale concluded the sale of this operation (note 16a). The results from the coal operation by the closing of
the disposal process are presented in these financial statements as &ldquo;discontinued operations&rdquo;.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_008"></A>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Basis of preparation of financial
statements</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The consolidated financial statements of the Company
(&ldquo;financial statements&rdquo;) have been prepared and are presented in accordance with International Financial Reporting Standards
(&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;). All relevant information for the
preparation of these financial statements, and only this information, are presented and correspond to those used by the Company's Management.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The financial statements have been prepared on a historical
cost basis and adjusted to reflect: (i) the fair value of certain financial assets and liabilities (including derivative instruments),
as well as pension plans assets and (ii) assets impairment. Assets held for sale are measured at the lower of carrying amount and fair
value less costs to sell.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">These financial statements were authorized for issue by the
Board of Directors on February 16, 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>a) Principles for consolidation</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company's financial statements reflect the assets, liabilities
and transactions of the Parent Company and its direct and indirect subsidiaries (&ldquo;subsidiaries&rdquo;). Intercompany balances and
transactions, which include unrealized profits, are eliminated. A list of the most relevant companies, including subsidiaries, associates
and joint ventures, and the accounting policies applied in the preparation of the consolidated financial statements are described in note
15.</P>

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The income statement and cash flows statements of the investees,
with a different functional currency from the Parent Company, are translated into Brazilian real at the average monthly exchange rate,
the assets and liabilities are translated at the final rate and the other equity items are translated at the historical rate. All monetary
exchange differences are recognized in comprehensive income as &ldquo;Translation adjustments&rdquo;.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">When a foreign operation is totally or partially disposed,
the monetary exchange differences that were recorded in the equity are recognized in the income statement for the year, see accounting
policy in note 15 of these financial statements.</P>

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


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    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Closing rate</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Average rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US Dollar (&quot;US$&quot;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.2177</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.5805</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.1967</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.1655</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.3956</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.1578</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canadian dollar (&quot;CAD&quot;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.8550</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.3882</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.0771</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.9705</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.3042</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.8480</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Euro (&quot;EUR&quot;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.5694</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.3210</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.3779</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.4420</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.3784</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.8989</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>c) Critical accounting estimates
and judgments</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The preparation of financial statements requires the
use of critical accounting estimates and Management also needs to exercise judgement in applying the Company&rsquo;s accounting policies.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company makes estimates
about the future based on assumptions. Accounting estimates and judgments are continually evaluated and are based on management's experience
and knowledge, information available at the date of the financial statements and other factors, including expectations of future events
that are considered reasonable under the circumstances. Accounting estimates, by definition, will seldom equal the actual results.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The areas involving significant
estimates or judgements or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions are
presented in the following notes:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 7%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 93%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Significant estimates and judgments</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Streaming transactions</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income taxes and uncertain tax positions</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>15</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Consolidation</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mineral reserves and mines useful life</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment of non-current assets</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair values estimate</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for de-characterization of dam structures and asset retirement obligations</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>28</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Litigation</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>29</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee post retirement obligation</FONT></TD></TR>
  </TABLE>
<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">d) A</FONT><FONT STYLE="color: #00807A">ccounting
impacts related to environmental, social and governance initiatives (&ldquo;ESG&rdquo;)</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company has assumed commitments to integrate sustainability
into its business through a comprehensive approach, based on systematic planning and execution. Prioritizing risk and impact management
and establishing a social, economic and environmental legacy in the locations where Vale operates.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Investments announced by the Company's and its strategy
for ESG initiatives were assessed in the context of the Company's critical accounting judgments and key estimates. Future changes in this
strategy or in the global scenario may affect the Company's main estimates and may result in material impacts on the income statement
and on assets and liabilities accounting balances of the Company in successive fiscal years.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The main actions taken or announced to date, which have
already resulted or will result in a direct impact on the Company's financial statements are described below. Other initiatives are detailed
in the Integrated Report, made available on the Company's website, which were not incorporated by reference.</P>

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


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.75pt solid"><B>Environmental
pillar</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The Company is committed to reduce carbon
emissions from its mining activities, in line with the Paris Agreement objective of limiting global warming to well below 2&deg;C (3.6
&deg;F). The Company's strategy considers as main objectives: (i) 33% reduction by 2030 of the emissions released into the atmosphere
as a direct result of its operations (&quot;scope 1&quot;) and of indirect emissions, from the electric energy acquired by the Company
(&ldquo;scope 2&rdquo;), already considering the increase in production levels projected for the upcoming years; (ii) 100% of electricity
consumption from renewable sources by 2030; (iii) 15% reduction by 2035 of indirect emissions not included in scope 2 (&ldquo;scope 3&rdquo;);
and (iv) neutrality of scope 1 and 2 emissions by 2050.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">To achieve the scope 1 and 2 commitments,
the Company announced investments between US$4 billion and US$6 billion up to 2030 to develop low carbon solutions, such as electrification,
use of biofuels and generation and use of renewable energy. The effective disbursements with these investments will be capitalized or
expensed, depending on its nature and function, in the period in which they are incurred.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Low carbon products and renewable energy</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In April 2022, Vale completed the sale
of its coal operations located in Mozambique and Malawi, in line with its commitment of decarbonization and sustainable mining. As a result,
the Company has no longer coal operations (note 16a).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2022, the Company announced the creation of an operation of Corporate
Venture Capital (&ldquo;Vale Ventures&rdquo;), the objective is to invest approximately US$100 in sustainable mining initiatives. The
Company's objective is to acquire minority stakes in startups that are focused on decarbonization initiatives within the mining process,
mining without waste, energy transition metals and other technologies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In October 2022, the Company entered
into three agreements with local authorities and customers to jointly study the development of industrial complexes in the United Arab
Emirates and Oman, to build plants for low-carbon products aimed at the steel industry. In addition, Vale also signed a memorandum of
understanding with the steelmaker Stahl-Holding-Saar GmbH (&ldquo;SHS&rdquo;), to seek solutions focused on the carbon-neutral steel production
process, including the use of Vales green iron ore briquette. Investments made will be accounted for when they are incurred.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In November 2022, the Company started
the Sol do Cerrado project, for construction of a solar energy plant located in Minas Gerais, the capacity will represent approximately
16% of the energy consumed by Vale in Brazil. The start of operation is expected for July 2023, it will contribute to Vale's renewable
energy commitments and reduction of carbon emissions. As at December 31, 2022, the Company invested US$197 (R$1,030 million) as property,
plant and equipment (note 18).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In February 2021, the Company concluded
an investment of US$6 in Boston Electrometallurgical Company (note 14) to acquire a minority interest and promote the development of a
technology focused on reducing carbon dioxide emissions in the steel production.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In November 2022, Vale announced the
creation of the company Biomas, in which it will hold a 14.28% stake, together with Ita&uacute; Unibanco, Marfrig, Rabobank, Santander
and Suzano. The Company will invest US$4 (R$20 million) to set up this company, which will carry out restoration, conservation and preservation
activities for 4 million hectares of forests in Brazil, in line with the forest protection strategy. Completion of the transaction is
subject to customary regulatory approvals.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In 2021, Vale signed partnerships with
three Conservation Units managed by the Chico Mendes Institute for Biodiversity Conservation. Together, these Biological Reserves help
to protect more than 62 thousand hectares of Atlantic Forest, in three Brazilian states. Additionally, Vale supported the development
of five agroforestry businesses that implemented productive recovery models in 5,125 hectares in a pilot phase, totaling, between 2020
and 2021, an area of more than 6 thousand hectares. Investments made will be accounted for when they are incurred.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.75pt solid"><B>Social
pillar</B></P>

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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In 2019, the Company invested US$496
(R$1,884 million) in the acquisition of New Steel, a company that develops iron ore processing and beneficiation technology through dry
magnetic iron ore concentration, which results in a completely dry process. In this transaction, Vale recorded an intangible asset related
to the development of this technology, which will be used in the Company's iron ore operations (note 17).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The implementation and execution of future
use projects, after the decommissioning, is not required by law. However, the Company has been studying a governance to assess the future
use, considering its aptitudes, post-operational usage intention, socio-economic development of the community and the characteristics
of the physical and biotic environments in which Vale operates. &nbsp;Any future commitments, if assumed by Vale, may result in material
impact on the amount of the provision (note 26).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Within the scope for community safety,
as a preventive step, Vale considers social data on all people inserted in the self-rescue zones of its flood spots and carries out preventive
relocation or emergency evacuation of communities located in these zones when the dam emergency level rises. In 2022, the Company recorded
a provision in the amount of US$57 (R$292 million), related to the Nova Lima dam self-rescue zones (note 26).</FONT></TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In 2022, the Company recorded a provision
in the amount of US$7 (R$39 million) referring to two indemnity agreements with indigenous communities impacted by the Brumadinho dam
failure (note 24), belonging to the Patax&oacute; and Patax&oacute; H&atilde;-H&atilde;-H&atilde;e communities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In 2022, the Company also entered into
an indemnity agreement with the indigenous communities Xikrin do Catet&eacute; and Kayap&oacute; (note 28b). The Company will make annual
payments until it operates certain assets in the State of Par&aacute;. These expenses will be recorded in the period in which they occur.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">To contribute with its suppliers&rsquo;
development, the Company has created a website with financial institutions aiming to enable small and medium suppliers to anticipate their
receivables with better interest rates. As at December 31, 2022 the outstanding balances related to these suppliers were US$202 (note
13).</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A; border-bottom: #BFBFBF 0.75pt solid"><B>Governance
pillar</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The Company is committed to aligning
compensation programs with the business strategy and to the objective of making Vale a safer company. Since 2020, the Company has been
following new standards for remuneration of its key-personnel. For short-term compensation, at least 30% of performance targets are driven
by ESG metrics and directly related to safety, risk management and sustainability goals, and for long-term compensation target is at least
25% of targets performance should be based on ESG metrics (note 29).</FONT></TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The significant accounting policies applied in the preparation
of these financial statements have been included in the respective notes and are consistent for all years presented, except for the adoption
in 2021 of accounting policies to reflect new circumstances and transactions that occurred in that year: (i) the reclassification of cumulative
translation adjustments from partial disposals of investments in subsidiaries (note 15), and (ii) the share-based payment programs were
modified and, since then, treated as &ldquo;equity-settled&rdquo; (note 29).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">Certain new accounting standards and interpretations
have been published that are not mandatory for December 31, 2022, reporting periods or have not impacted these financial statements. The
Company did not early adopt any of these standards and does not expect them to have a material impact on the entity in future reporting
periods.</P>

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

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

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

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


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    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_009"></A>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Significant events in the current
year</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Relevant events and transactions</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Vale Sans,sans-serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Income Statement</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cash Flow</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discontinued operations (Coal)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(73)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Capital reduction in a foreign subsidiary</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,543</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sale of Midwestern System</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,158</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sale of California Steel Industries</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">292</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">437</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shareholder&rsquo;s remuneration</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,615)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares buyback</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,036)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sale of Companhia Sider&uacute;rgica do Pec&eacute;m </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(135)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Discontinued operations (Coal</B></FONT><B><FONT STYLE="color: #007E7A">)
- </FONT></B>In April 2022, the Company concluded the sale of the Coal operation to Vulcan Resources for a total consideration of US$270.
Following the completion of the transaction, the Company recorded an income from discontinued operations of US$2,060, mainly due to the
reclassification of the cumulative translation adjustments of US$3,072, which was partially offset by the disposals of the carrying value
of noncontrolling interest in the amount of US$585 and impairment of US$589.</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Capital reduction in
a foreign subsidiary -</B></FONT> In August 2022, the Company approved a capital reduction of VISA in the amount of US$1,500, which generated
a gain of US$1,543, due to the reclassification of the cumulative translation adjustments from equity to the income statement, recorded
as &ldquo;Other financial items, net&rdquo;.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Sale of Midwestern System</B> -</FONT> In
July 2022, the Company concluded the sale of the Midwestern System to J&amp;F Minera&ccedil;&atilde;o Ltda. (&ldquo;J&amp;F&rdquo;) and
received US$140, in addition to transferring to J&amp;F the obligations related to the take-or-pay logistics contracts. These assets
were classified as held for sale and a gain of US$1,121 was recorded in the year ended December 31, 2022, due to the reversal of the
impairment of property, plant and equipment and the remeasurement of the onerous contract liability. In addition, the Company recognized
a gain US$37 due to the reclassification of the cumulative translation adjustments from equity to the income statement, as &ldquo;Other
financial items, net&rdquo;.</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">Sale of California
Steel Industries (&ldquo;CSI&rdquo;) -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In February 2022, the Company concluded
the sale of its 50% interest in CSI to Nucor Corporation (&ldquo;Nucor&rdquo;) for US$437. The Company recorded a gain of US$292 due to
the reclassification of the cumulative translation adjustments from the equity to the income statement, recorded as &ldquo;Equity results
and other results in associates and joint ventures&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Shareholder&rsquo;s remuneration
-</B></FONT> During 2022, the Company paid dividends and interest on capital to its shareholders in the amount of US$6,615.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Shares </B></FONT><B><FONT STYLE="color: teal">buyback
program -</FONT></B> During 2022, the Company repurchased 357,442,577 common shares or their respective ADRs, corresponding to the total
amount of US$6,036.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Sale of Companhia Sider&uacute;rgica
do Pec&eacute;m (&ldquo;CSP&rdquo;) -</B></FONT> In July 2022, the Company and the other shareholders of CSP signed a binding agreement
with ArcelorMittal for the sale of CSP for approximately US$2,200, which will be received at the closing of the transaction, and it will
be fully used for the early settlement of CSP's net debt in the amount of approximately US$2,200. The Company has already recognized an
impairment loss of US$135 for the year ended December 31, 2022 and does not expect any material impact at closing.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Russia-Ukraine conflict </B></P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif"><B><A NAME="a_010"></A>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Information by business segment and
geographic area</B></FONT></TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company renamed its main operating segments starting from
these financial statements. The operating segment previously named &ldquo;Ferrous Minerals&rdquo; is now disclosed as &ldquo;Iron Solutions&rdquo;
while the &ldquo;Base Metals&rdquo; operating segment is now disclosed as &ldquo;Energy Transition Materials&rdquo;. There were no changes
in the allocation criteria for these operating segments and, therefore, no adjustments were made to the comparative financial information.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, during 2022, the Company has allocated the financial
information of the Midwestern System to &ldquo;Other&rdquo; as this operation is no longer analyzed by the chief operating decision maker
as part of to the performance of the Ferrous Minerals business segment due to the binding agreement to sell this operation (note 16b).
The comparative information was reclassified to reflect the revision in the allocation criteria.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Therefore, the Company operates the following reportable segments:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 27%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Segment</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 73%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Main activities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Comprise of the production and extraction of iron ore, iron
    ore pellets, manganese, other ferrous products, and its logistic related services.</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Includes the production and extraction of nickel and its by-products
    (gold, silver, cobalt, precious metals and others), and copper, as well as its by-products (gold and silver).</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Coal (discontinued operation)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Comprise of the production and extraction of metallurgical
    and thermal coal and its logistic related services. The set of assets related to this segment is classified as &ldquo;Non-current assets
    and liabilities related to assets held for sale&rdquo; (note 16a).</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Includes the revenues and cost of other products, services,
    research and development, investments in joint ventures and associates of other business and unallocated corporate expenses and costs
    related to the Brumadinho event.</P>
    <P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="21" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Year
    ended December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 23%; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    ore</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    ore pellets</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other
    ferrous products and services</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    Solutions</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Nickel
    and other products</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Energy
    Transition Materials</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other
    (i)</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Total
    of continuing operations</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Coal
    (note 16a)</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    operating revenue</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">28,188</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">6,256</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">472</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">34,916</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">6,619</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,779</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">8,398</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">525</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">43,839</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">448</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">44,287</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Cost
    of goods sold and services rendered</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(11,929)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,682)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(335)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14,946)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,541)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,049)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5,590)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(443)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(20,979)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(264)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(21,243)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Sales,
    administrative and other operating expenses</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(54)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(51)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(38)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(21)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(59)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,086)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,196)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(12)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,208)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Research
    and development</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(208)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(215)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(115)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(127)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(242)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(203)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(660)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(661)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Pre
    operating and operational stoppage</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(342)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(21)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(18)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(381)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(13)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(398)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(398)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    received and interest from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">15</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">105</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">120</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">34</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">154</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">154</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Adjusted
    EBITDA </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>15,670</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>3,653</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>120</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>19,443</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,924</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>569</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>2,493</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(2,176)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>19,760</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>171</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>19,931</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,345)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(447)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(98)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,890)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(908)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(329)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,237)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(44)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,171)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,171)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Equity
    results and other results in associates and joint ventures </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(32)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">138</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(9)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">97</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">289</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">289</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(81)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">305</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">305</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    received and interest from associates and joint ventures </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(15)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(105)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(120)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(34)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(154)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(154)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Impairment
    reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(151)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(178)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(18)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(15)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(33)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">984</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">773</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(589)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">184</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>14,127</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>3,225</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>17,352</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,287</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>225</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,512</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,351)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>17,513</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(418)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>17,095</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Unallocated
    items:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;Financial
    results </FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,268</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3,065</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">5,333</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;Income
    taxes</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,971)</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,973)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Derecognition
    of noncontrolling interest </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(585)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(585)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Net
    income </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>16,810</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>2,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>18,870</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">82</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">82</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Net
    income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>16,728</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>2,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>18,788</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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


<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt">(i) Includes the reclassification of the EBITDA of Midwestern System in the
amount of US$77.</P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="21" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Year
    ended December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 33%; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    ore</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    ore pellets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other
    ferrous products and services</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Nickel
    and other products</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Energy
    Transition Materials</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other
    (i)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Total
    of continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Coal
    (Note 16a)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 5%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    operating revenue</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">38,324</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7,053</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">548</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">45,925</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">5,377</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,589</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">7,966</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">611</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">54,502</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1,083</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">55,585</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Cost
    of goods sold and services rendered</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(11,199)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,231)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(400)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(13,830)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,606)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(878)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,484)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(558)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(18,872)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,317)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(20,189)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Sales,
    administrative and other operating expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(137)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">30</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(98)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(9)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,303)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,415)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(26)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,441)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Research
    and development</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(198)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(205)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(77)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(81)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(158)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(185)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(548)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(555)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Pre
    operating and operational stoppage</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(329)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(47)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(17)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(393)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(113)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(117)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(514)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(514)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    received and interest from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">10</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">71</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">81</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">109</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">190</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">78</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">268</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Adjusted
    EBITDA </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>26,471</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>4,873</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>136</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>31,480</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,576</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,617</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>3,193</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(3,330)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>31,343</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(189)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>31,154</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Depreciation,
    depletion and amortization</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,255)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(388)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(107)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,750)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(841)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(372)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,213)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(71)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,034)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(69)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,103)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Equity
    results and other results in associates and joint ventures </FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,642)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">123</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(40)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,559)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">287</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,271)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(26)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,297)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    received and interest from associates and joint ventures </FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(10)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(71)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(81)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(109)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(190)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(78)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(268)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Impairment
    and disposals of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(92)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(35)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(134)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(27)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(20)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(47)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(245)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(426)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,282)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,708)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>23,472</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>4,530</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(46)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>27,956</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>709</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,225</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,934</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(3,468)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>26,422</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(3,644)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>22,778</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Unallocated
    items:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;Financial
    results </FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3,119</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">447</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3,566</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;Income
    taxes</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,697)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">821</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,876)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Net
    income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>24,844</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(2,376)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>22,468</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">108</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(85)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">23</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Net
    income (loss) attributable to Vale&rsquo;s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>24,736</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(2,291)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>22,445</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt">(i) Includes the reclassification of the EBITDA of Midwestern System in the
amount of US$109.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="21" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Year
    ended December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 23%; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; background-color: white"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    ore</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    ore pellets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other
    ferrous products and services</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Iron
    Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Nickel
    and other products</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Energy
    Transition Materials</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Other
    (i)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Total
    of continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Coal
    (note 16a)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 1%; background-color: white; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Net
    operating revenue</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">27,123</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,242</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">551</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">31,916</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">4,652</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2,175</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">6,827</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">802</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">39,545</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">473</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">40,018</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Cost
    of goods sold and services rendered</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(8,025)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,661)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(433)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(10,119)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,734)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(794)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3528)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(956)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14,603)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,456)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(16,059)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Sales,
    administrative and other operating expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(192)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(178)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(21)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(28)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,293)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,499)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(15)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(6,514)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Research
    and development</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(127)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(136)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(42)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(68)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(110)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(169)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(415)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(28)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(443)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Pre
    operating and operational stoppage</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(532)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(77)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(29)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(638)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(29)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(30)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(682)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(682)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    received and interest from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">23</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">116</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">141</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">32</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">173</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">95</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">268</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Adjusted
    EBITDA </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>18,270</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>2,626</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>90</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>20,986</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,826</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,305</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>3,131</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(6,598)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>17,519</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(931)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>16,588</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Depreciation,
    depletion and amortization</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,277)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(388)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(101)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,766)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(921)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(430)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,351)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(98)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,215)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(19)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3,234)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Equity
    results and other results in associates and joint ventures </FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,033)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">37</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(22)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,018)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,020)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(43)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,063)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Dividends
    received and interest from associates and joint ventures </FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(23)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(116)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(141)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(32)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(173)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(95)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(268)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Impairment
    and disposals of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(76)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(79)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(155)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(133)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(14)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(147)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1,006)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(1308)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(935)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(2,243)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>15,861</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>2,159</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(114)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>17,906</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>772</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>861</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>1,633</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(7,736)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>11,803</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(2,023)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>9,780</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Unallocated
    items:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;Financial
    results </FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,813)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(4,811)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">&nbsp;&nbsp;Income
    taxes</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(735)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">297</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(438)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Net
    income (loss) </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>6,255</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,724)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>4,531</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">Loss
    attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(347)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt">(350)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>Net
    income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>6,258</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>(1,377)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt"><B>4,881</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt">(i) Includes the reclassification of the EBITDA of Midwestern System in the
amount of US$19.</P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 21%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other (ii)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other (ii)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">Investments in</P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">associates and</P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">joint ventures</P></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,296</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">502</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,798</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,113</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">621</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,751</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant and equipment and intangibles</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33,048</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,655</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,473</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>55,176</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28,988</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20,127</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,827</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>50,942</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sustaining capital (i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,236</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,521</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,859</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,481</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,518</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,034</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">Project</P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">execution</P></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">866</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">338</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,587</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">531</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">344</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>999</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,102</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,859</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>485</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,446</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,012</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,862</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>159</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,033</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) According to the Company's shareholder remuneration policy,
dividends are calculated based on 30% of the adjusted EBITDA less sustaining capital investments. The calculation also considered the
investments made on the coal operation (discontinued operation, note 16a), which was US$38 for the year ended December 31, 2022 (2021:
US$194).</P>

<P STYLE="margin: 0; font: 8pt/115% Vale Sans,sans-serif">(ii) The sustaining capital investments related to the Midwestern System were
reclassified from &ldquo;Iron Solutions&rdquo; to &ldquo;Other&rdquo; for the year ended December 31, 2022 in the amount of US$5 (2021:
US$15).</P>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B></B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 20%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Intangible</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Intangible</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,798</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,391</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28,210</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">38,399</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,730</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,050</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23,793</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32,573</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,845</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,178</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13,023</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,958</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,441</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,399</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Americas, except Brazil and Canada</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">747</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">747</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">739</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">739</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indonesia</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,731</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,732</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,723</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,724</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Asia, except Indonesia and China</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">786</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">786</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">874</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">895</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">China</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,263</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,263</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,337</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,337</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,798</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,238</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44,938</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>56,974</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,751</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,011</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41,931</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>52,693</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Iron Solutions (i)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other (ii)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">477</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">597</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">125</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,199</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">218</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,425</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,643</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">373</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,148</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,521</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,713</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,123</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,836</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,594</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,646</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,765</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">770</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,535</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20,593</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,610</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22,203</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,434</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">638</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,119</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,749</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">328</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,137</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34,916</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,398</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>525</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43,839</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other (ii)</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">759</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">402</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,283</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">392</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,151</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,543</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">618</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,416</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,034</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,373</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,323</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,696</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,140</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,155</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,977</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">546</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,523</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27,510</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,093</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28,603</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,536</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">965</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,501</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,620</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">489</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,164</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>45,925</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,966</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>611</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>54,502</B></FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 47%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other (ii)</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">406</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">760</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">244</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">797</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,041</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">326</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,169</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,526</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,202</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,356</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,570</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,418</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,435</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,793</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,193</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22,169</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">922</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23,124</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,068</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">931</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,999</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,425</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">320</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,897</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>31,916</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,827</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>802</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>39,545</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">(i) In 2022, the revenue from Iron Solutions decreased from prior year, among other
factors, due to the decline of 23.5% in the average realized price of iron ore, following the decrease in the international price of
this product.</P>

<P STYLE="margin: 0; font: 8pt/115% Vale Sans,sans-serif">(ii) Includes the reclassification of the revenues of Midwestern System in the
amount of US$231, for the year ended December 31, 2022 (2021: US$377 and 2020: US$162).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.75pt solid; text-align: justify; color: teal"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Revenue
from sales -</B></FONT> Revenue is recognized when the control of a good or service is transferred to a customer. Since Vale&rsquo;s
sales are under different shipping terms, revenue could be recognized when (i) the product is available at the loading port, (ii) loaded
on the ship, (iii) at the port of discharge or (iv) at the customer&rsquo;s warehouse.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">A relevant proportion of
Vale&rsquo;s sales are under Cost and Freight (&ldquo;CFR&rdquo;) and Cost, Insurance and Freight (&ldquo;CIF&rdquo;) Incoterms, in which
the Company is responsible for providing shipping services after the date that Vale transfers control of the goods to the customers.
Shipping services for CFR and CIF contracts are considered as a separate performance obligation in which a proportion of the transaction
price is allocated and recognized over time as the shipping services are provided.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">In general, the contract payment terms consider the
upfront payments or the use of letters of credit. The payment terms do not have a significant financing component. In some cases, the
sale price is determined on a provisional basis at the date of sale and adjustments to the sale price subsequently occur based on movements
in the quoted market or contractual prices up to the date of final pricing.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Revenue is recognized based
on the estimated fair value of the total consideration receivable, and the provisionally priced sale mechanism embedded within these sale
arrangements has the character of a derivative. Accordingly, the fair value of the final sale price adjustment is re-estimated continuously
and changes in fair value are recognized as operational revenue in the income statement.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt"></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt; color: teal"><B><A NAME="a_011"></A>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt; color: #007E7A"><B>Costs and expenses
by nature</B></FONT></TD></TR></TABLE>

<P STYLE="color: teal; font: bold 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 46%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Freight (i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,738</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,575</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,439</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Materials and services (ii)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,632</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,907</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,782</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Maintenance</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,105</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,812</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,529</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,049</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,857</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,961</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquisition of products (ii)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,566</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,277</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">946</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,817</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,703</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,624</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fuel oil and gas (iii)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,630</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,011</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">848</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Royalties </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,268</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,370</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">845</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">719</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">639</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">673</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,504</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,578</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">917</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,028</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21,729</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,564</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost of goods sold</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23,447</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21,142</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16,982</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost of services rendered</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">581</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">587</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">582</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24,028</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>21,729</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,564</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In 2021, the increase, among other factors, is due to higher
volumes sold in CFR sales and higher international freight reference price.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(ii) In 2021, the increase, among other factors, is due to the
significant increase in the iron ore reference price.</P>

<P STYLE="margin: 0; font: 8pt/115% Vale Sans,sans-serif">(iii) In 2022, the increase, among other factors, is due to higher fuel prices
and inflation of other inputs and services.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Mineral Resources Inspection
Fare (&quot;TFRM&quot;) &ndash;</B></FONT> In some Brazilian states, including Minas Gerais, Par&aacute; and Mato Grosso do Sul, there
is a specific fare named TFRM, which is calculated based on production. TFRM expenses are presented as &quot;Royalties&quot; in these
financial statements. In March 2021, a State Law increased the TFRM rate in the State of Par&aacute; from US$0.83 to US$2.51 (R$4.37 to
R$13.11) per metric ton. However, the Company had not adopted the new rate in 2021 based on the Constitutional Principle of mandatory
notice period, which sets out the tax increase would become in force only in the subsequent year of its enactment.</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"></P>



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In November 2022, Vale joined the &quot;Par&aacute; Structure Program&rdquo;,
which aims to promote infrastructure investments in the State of Par&aacute;, by converting 50% of the TFRM payments into the execution
of infrastructure investments, at a rate of US$2.51 (R$13.11) per metric ton of ore produced in the State of Par&aacute;. Those investments
will be made in connection with social programs and so, the assets that would be built by Vale will not be part of the Company&rsquo;s
property, plant and equipment. To join the program, the Company paid US$224 (R$1,176 million) related to the TFRM for the whole year of
2022, which was calculated based on a rate of US$2.51 (R$13.11) per metric ton and will continue to apply this rate in the TFRM calculation
for the State of Par&aacute; prospectively.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 46%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">185</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">170</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">168</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Services</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">107</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Selling</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">86</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Advertisement</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">62</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>515</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>481</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>491</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses related to Brumadinho event</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,079</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">851</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,640</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses related to de-characterization of dam</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,725</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">617</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asset retirement obligations </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">121</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">312</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for litigations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Profit sharing program</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">126</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">169</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals of materials and inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">COVID-19 expenses (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">218</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">118</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,722</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,976</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,057</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The Company assisted the communities where the Company operates
through humanitarian aid programs, especially in the Brazilian communities that were more adversely affected by the pandemic. The resources
were used to provide needed support such as medical supplies and equipment.</P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The breakdown of research and development expenses by operating
segment is presented in note 4(a).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_012"></A>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Financial results</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short term investments</FONT></TD>
    <TD STYLE="background-color: white"></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">440</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">226</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">129</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">80</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">178</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>520</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>337</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>307</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and borrowings gross interest</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(612)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(671)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(742)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on REFIS</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(152)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(54)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(55)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest on lease liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(65)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Bond premium repurchase</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(113)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(285)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(457)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(366)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,179)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,249)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,158)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net foreign exchange gains (losses)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(398)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">408</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(549)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures (i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">659</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(716)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,565)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees (i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32(b)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">481</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">312</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(468)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,154</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,210)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative translation adjustments to the income statement </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15 and 16</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,608</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,326</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indexation losses, net</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(577)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(276)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(170)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,927</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,031</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,962)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,268</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,119</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,813)</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Items reclassified in comparative to maintain consistency of disclosure.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A; border-bottom: #BFBFBF 0.75pt solid"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Transactions in foreign currencies
are translated into the functional currency using the exchange rate effective on the date of the transaction. The foreign exchange gains
and losses resulting from the translation at the exchange rates prevailing at the end of the year are recognized in the income statement
as &ldquo;financial income or expense&rdquo;. The exceptions are transactions related to qualifying net investment hedges or items that
are attributable to the net investment in a foreign operation, for which gains, and losses are recognized as a component of other comprehensive
income.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">The accounting policies related
to the other items of the financial result are shown in the notes, &ldquo;15. Investments in subsidiaries, associates, and joint ventures&rdquo;,
&ldquo;22. Participative shareholders&rsquo; debentures&rdquo; and &ldquo;23. Loans, borrowing, leases, cash and cash equivalents and
short-term investments&rdquo;.</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_013"></A>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Streaming transactions</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company entered into separate transactions to sell
the cobalt and gold by-product streams mined in the Energy Transition Materials operations:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 49%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cobalt streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">505</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gold streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,274</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Contract liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,612</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,779</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>a) Details of the agreements</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cobalt streaming</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 41%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Gold streaming</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Contract date</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;June 2018 </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;From 2013 to 2016</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Product delivery</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Product delivery started in January 2021, after the mine's ramp-up.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The product was delivered from the contract signature, because the plant was already operational.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Subject</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;75% of cobalt extracted as by-product from Voisey's Bay mine (Canada).</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75% of gold contained in the copper concentrate from the Salobo (Brazil) mine and 70% of the gold extracted as a by-product from the Sudbury nickel mines (Canada).</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deadline</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Until the mine's exhaustion, estimated for 2035.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Until the mine's exhaustion, estimated for 2043 and 2053 for Salobo and Sudbury, respectively.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Counterparts</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Wheaton Precious Metals Corp and Anglo Pacific Group. </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Wheaton Precious Metals Corp.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;US$690 received on the contract date. Furthermore, the Company receives an amount equal to 20% (average) of the market reference price of cobalt for each pound of cobalt delivered.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$3,600 received from 2013 to 2016. Furthermore, the Company receives an amount equal to the lower of (i) $400 per ounce of refined gold delivered and (ii) the reference market price on the delivery date.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #00807A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>b)</B></FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Effects on the income statement</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 49%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cobalt streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gold streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fixed revenue - Contract liabilities realized</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>86</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>98</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cobalt streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gold streaming</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Variable revenue - Additional payments received</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>114</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.75pt solid; color: teal"><B>Accounting policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Company bifurcates both streaming
transactions in two identifiable components: (i) the sale of the mineral rights and (ii) extraction services.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Sale
of mineral rights &ndash;</B></FONT> The amount allocated to this component is recognized as revenue in the income statement when the
Company transfers ownership of the mineral rights to the counterparty. The cost related to the component sold is recognized in the income
statement at the same moment.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Extraction
services &ndash;</B></FONT> The Company recognizes contract liabilities in the event it receives payments from customers before a sale
meets criteria for revenue recognition. Proceeds received under the terms of the streaming transaction allocated to this component are
accounted for as &ldquo;streaming transactions&rdquo; and included within liabilities.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Contract liability is initially
recognized at fair value, net of transaction costs incurred, and is subsequently carried at amortized cost and updated using the effective
interest rate method. Contract liability is released to the income statement based on the units of production, that is, revenue is calculated
based on volume produced compared to the total proved and probable reserves of gold or cobalt, which are reviewed and remeasured annually.</P>



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.75pt solid; text-align: justify; color: teal"><B>Critical
accounting estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Defining the result on sale of mineral
interest and the contractual liabilities portion of the streaming transaction it is required the use of critical accounting estimates
including, but not limited to: (i) allocation of costs between the product and the by-product based on relative prices; (ii) expected
margin for the independent components (sale of mineral rights and service for gold and cobalt extraction); and (iii) discount rates used
to measure the present value of future inflows and outflows.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_014"></A>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Income taxes</B></FONT></TD></TR></TABLE>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
tax reconciliation</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The reconciliation of the
taxes calculated according to the nominal tax rates and the amount of taxes recorded is shown below:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>19,781</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>29,541</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,990</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes at statutory rate (34%)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(6,726)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(10,044)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,377)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income tax benefit from interest on capital</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">556</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">260</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">316</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax incentives</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,247</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,826</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">211</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Addition (reduction) of tax loss carryforward</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">899</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">663</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">769</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Unrecognized tax losses of the year</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(197)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(115)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(215)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative adjustments to the income statement</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">547</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,471</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">619</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">588</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,971)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,697)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(735)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current tax</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,020)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,663)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,398)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred tax</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(951)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">966</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,663</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,971)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4,697)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(735)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT>&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Deferred income tax assets and liabilities
</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Tax loss carryforward does not expire in the Brazilian jurisdiction
and their compensation is limited to 30% of the taxable income for the year. The local profits of foreign subsidiaries are also taxed
in Brazil and there is no restriction on their offset against tax losses generated previously by the foreign entity.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Taxes losses carryforward</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,908</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,757</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Temporary differences:</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Employee post retirement obligation</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">411</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">504</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Provision for litigation</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">364</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">346</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Asset retirement obligations and other provisions</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,349</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,384</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Fair value of financial instruments</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">839</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,373</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Fair value of property, plant and equipment in business combination</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,392)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,857)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(122)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,357</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,770</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,441</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,413)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,881)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,357</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The following table shows the changes in deferred tax assets
and liabilities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 55%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,565</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes losses carryforward</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">830</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">830</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Asset retirement obligations and other provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">226</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">226</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of property, plant and equipment in business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">138</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(138)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(27)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Effect in income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>138</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>966</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfers between assets and liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(155)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(155)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(649)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(636)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">141</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(156)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax loss carryforward from coal operations - Discontinued operations</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">821</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">821</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes losses carryforward</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(68)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(68)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Timing differences arising from assets and liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(324)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(324)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(634)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(634)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of property, plant and equipment in business combination</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(330)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">330</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(255)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(255)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Effect in income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,281)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(330)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(951)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfers between assets and liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(136)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(136)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">688</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(75)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">763</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(43)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sale of California Steel Industries </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,413</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,357</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">c)</TD><TD STYLE="text-align: justify">Tax incentives</TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In Brazil, the Company has tax incentives to partially
reduce the income tax generated by the operations conducted in the North and Northeast regions that includes iron ore, copper, and nickel.
The incentive is calculated based on the taxable income of the incentive activity (tax operating income) and considers the allocation
of tax operating income into different incentives applicable to different tranches of production during specified periods for each product,
usually 10 years. The Company&rsquo;s tax incentives are expected to expire substantially in 2024 and the last tax incentive will expire
in 2027.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In addition to these incentives, the income tax payable
can be reduced by investing in the acquisition of new machinery and equipment, subject to subsequent approval by the responsible regulatory
agency, Superintendence for the Development of the Amazon (&ldquo;SUDAM&rdquo;). This subsidy is expected to expire in 2023.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">As determined by the Brazilian law, the tax savings
obtained as a result of these incentives must be appropriated in retained earnings reserve account in equity and cannot be distributed
as dividends to shareholders.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year
    ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 62%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">371</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">324</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,869</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,964</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>REFIS liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,240</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,288</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">SELIC rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13.75%</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.25%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The balance is mainly related to the settlement program
of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003
to 2012. This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until
October 2028. The impact of the SELIC over the liability is recorded under the Company&rsquo;s financial results.</P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">e) &nbsp; Uncertain tax positions (&ldquo;UTP&rdquo;)</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company is engaged in administrative and judicial
discussions with tax authorities in Brazil in relation to certain tax positions adopted by the Company for calculating income tax and
social contribution on net income. The final determination is uncertain and depends on factors not controlled by the Company, such as
changes in case law and changes in tax laws and regulations. The Company is subject to the assessment of income tax by local tax authorities
in a range up to 10 years depending on jurisdiction where the Company operates.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The amount under discussion with the tax authorities
is US$3,659 as at December 31, 2022 (2021: US$3,122), as detailed below. In addition, if the tax authority does not accept the tax treatment
adopted by the Company in relation to these matters, there would also be a reduction of tax losses in the amount of US$564 as at December
31, 2022 (2021: US$527).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 60%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs not recorded on balance sheet (i)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer pricing over the exportation of ores to a foreign subsidiary</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">829</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">669</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses of interest on capital </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,154</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">981</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeding related to income tax paid abroad </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">439</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">399</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Goodwill amortization </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">517</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">305</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments to Renova Foundation</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">696</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">747</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,659</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,122</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs recorded on balance sheet</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deduction of CSLL in Brazil</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">155</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gain related to incidence of IRPJ and CSLL on SELIC rate in the repetition of undue payment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>155</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Based on the assessment of its internal and external legal
advisors, the Company believes that the tax treatment adopted for these matters will be accepted in decisions of the higher courts on
last instance.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Transfer pricing over the exportation
of ores to a foreign subsidiary - </B></FONT>The Company was assessed for the IRPJ and CSLL, for the years of 2015, 2016 and 2017 since
the tax agent has disregarded the intermediation cost and other adjustments used in the calculation of the transfer pricing over the exportation
of iron ore, pellets, nickel and copper to its foreign controlled company. The Company is challenging these assessments in the administrative
level and a decision is pending.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company maintains the method of calculating the transfer
price, as it considers it to be the most appropriate tax treatment for interpreting the rules in force and applicable to the subject and
is discussing the aforementioned charges at the administrative level.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The total amount in dispute is US$829 (R$4,324 million) as
at December 31, 2022 (US$669 (R$3,732 million) as at December 31, 2021). In addition, there was a reduction of the tax losses from 2015,
2016 and 2017, with the corresponding tax impact of US$361 (R$1,883 million) as at December 31, 2022 (2021: US$377 (R$1,883 million)).
The amount involved for the 2018 to 2022 years, which are not in dispute, is US$2,592 (R$13,525 million) (2021: US$1,885 (R$10,519 million)).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Expenses of interest on capital
(&ldquo;JCP&rdquo;) - </B></FONT>In 2021, Vale received assessments for the collection of IRPJ, CSLL and fines, on the grounds that the
deduction of JCP was improper, referring to the base years of 2017 and 2018. The amount under discussion is US$1,154 (R$6,021 million)
as at December 31, 2022 (US$981 (R$5,477 million) as at December 31, 2021). In addition, the tax effect of the potential reduction in
the tax loss carryforward is US$134 (R$699 million) as at December 31, 2022 (2021: US$125 (R$699 million)). The Company presented administrative
defenses for these assessments and is awaiting a decision.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Proceeding related to income tax
paid abroad - </B></FONT>Vale received a tax assessment for the collection of US$439 (R$2,288 million) (2021: US$399 (R$2,255 million))
due to the disregard of taxes paid abroad that were offset by the IRPJ debt in 2016. Tax authorities allege the Company has failed to
comply with the applicable rules relating to the offset, in Brazil, of income taxes paid abroad. The Company had filed an administrative
appeal and a decision is pending.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Goodwill amortization - </B></FONT>The
Company received tax assessments for the collection of IRPJ and CSLL for the periods between 2013 and 2018, due to the deduction of goodwill
amortization expenses recorded in the acquisition of controlled companies, after its merger by the Company.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">One of the assessments is the goodwill generated in the privatization
of the Company and recorded by Valepar, merged into the Parent Company in 2017.</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is discussing the charges at the administrative
level in the amount of US$517 (R$2,698 million) as at December 31, 2022 (US$305 (R$1,703 million) as at December 31, 2021). In addition,
the tax effect of the potential reduction in the tax loss carryforward is US$61 (R$320 million) as at December 31, 2022 (2021: US$57 (R$320
million)). The amount involved for the 2019 to 2022 years, which are not assessed, is US$223 (R$ 1,162 million).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Payments to Renova Foundation
- </B></FONT>The Company deducts payments made to Funda&ccedil;&atilde;o Renova arising from the obligation entered into the Transaction
and Conduct Adjustment Agreement (&ldquo;TTAC&rdquo;) and from its subsidiary liability in the agreement when Samarco does not make these
payments directly. Vale understands that the deduction of such expenses is adequate, since its liability is objective, arising from the
obligation entered into in the TTAC and its status as a shareholder.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company received a tax assessment notice for the collection
of IRPJ and CSLL alleging that the expenses incurred with Renova Foundation were improperly deducted from the computation of the Company&rsquo;s
income tax, as they understand that these expenses are supposedly not necessary for Vale's operational activities. The total amount assessed
is US$24 (R$126 million) for the year ended December 31, 2022 (2021: US$21 (R$115 million)). In addition, the tax effect of the potential
reduction in the tax loss carryforward is US$5 (R$24 million) as at December 31, 2022 (2021: US$4 (R$24 million)). For the fiscal years
2018 to 2022, the amount under discussion is US$530 (R$2,763 million) as at December 31, 2022 (2021: US$426 (R$2,376 million)).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Deduction of CSLL in Brazil -
</B></FONT>In 2004, a definitive decision of the Superior Court of Justice (&ldquo;STJ&rdquo;) granted to the Company the right to deduct
the Social Contribution on Net Income (&ldquo;CSLL&rdquo;) from the taxable base of the corporate income tax (&ldquo;IRPJ&rdquo;). The
Federal Government filed a rescission action (&ldquo;a&ccedil;&atilde;o rescis&oacute;ria&rdquo;) in 2006, seeking to reverse the 2004
decision. In 2019, the Federal Court of Appeals (&ldquo;TRF&rdquo;) upheld the rescission action and, although the decision was not final,
the Company decided not to deduct the CSLL from the taxable income since then.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Meanwhile, the Federal Supreme Court (&ldquo;STF&rdquo;) is judging two extraordinary
appeals with impact to all taxpayers. These appeals are discussing how long a court decision related with a tax matter would remain valid
if the STF had subsequently issued a contrary decision. Due to the developments of this matter in the STF during 2023 and based on the
updated assessment of its legal advisors, the Company concluded that the tax treatment previously adopted will probably not be accepted
by the tax authority and, therefore, it recognized a liability in the amount of US$155 (R$813 million) as &ldquo;Taxes payable&rdquo;
for the year ended December 31, 2022.</P>

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



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Gain related to incidence of IRPJ
and CSLL on SELIC rate in the repetition of undue payment - </B></FONT>In September 2021, the Federal Supreme Court (&ldquo;STF&rdquo;)
decided in a judgment with general repercussion, that the incidence of IRPJ and CSLL on amounts referring to the SELIC rate received as
a result of repetition of tax overpayment is unconstitutional. After the publication of the decision of the leading case judgment with
a conclusion favorable to the taxpayers, the Company recognized a gain of US$34 in the income statement for the year ended December 31,
2021.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal"><B>f) Recoverable
and payable taxes</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Current liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Value-added tax (&quot;ICMS&quot;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">217</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">162</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian federal contributions (&quot;PIS and COFINS&quot;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">690</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">740</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">511</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">309</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">369</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">221</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">113</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">413</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,861</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial compensation for the exploration of mineral resources (&quot;CFEM&quot;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,272</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,110</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>470</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>862</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>935</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,177</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>ICMS included in PIS and COFINS
computation tax base - </B></FONT>Vale discussed the issue of the exclusion of ICMS from the taxable basis of the contribution to PIS
and COFINS in two lawsuits filed before March 2017. One of the lawsuits includes the triggering events from March 2012 onwards and has
a favorable definitive decision. This lawsuit resulted in the recognition of a gain in the amount of US$60 (R$313 million) in the income
statement for the year ended December 31, 2020. This amount was calculated based on the assumption that the ICMS to be excluded from the
taxable bases is the one paid. With the definition of the subject by the Federal Supreme Court in the leading case, with binding effects
to all taxpayers, which determined that the ICMS to be excluded is the one highlighted in the invoices, the Company recognized an additional
gain of US$26 (R$146 million) for the year ended December 31, 2021.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The lawsuit that covers the triggering events that occurred
between December 2001 and February 2012, resulted in the recognition of a gain in the amount of US$145 (R$808 million) for the year ended
December 31, 2021 due to the favorable decision obtained by the Company and in line with the judgment of the Federal Supreme Court in
the aforementioned leading case.</P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; border-bottom: #BFBFBF 0.5pt solid">Accounting
policy</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
Brazilian corporate tax law requires the taxation on the income generated from foreign subsidiaries and, therefore, income tax charge
is calculated using the tax rate enacted at the end of the reporting period in Brazil. The effects of the income tax calculation in the
consolidated financial statements are calculated by applying the differential between the Brazilian income tax rate and the local income
tax rate of each jurisdiction where the Company&rsquo;s subsidiaries operate and generate taxable income. </FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation
and it establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. The liabilities
related to uncertain tax positions are recorded only after determining, based on the position of its internal and external legal advisors,
a more-likely-than-not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">Deferred
income taxes are recognized based on temporary differences between carrying amount and the tax basis of assets and liabilities as well
as tax losses carryforward. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than
a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets
and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred
tax balances relate to the same taxation authority.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal"></FONT></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
deferred tax assets arising from tax losses and temporary differences are not recognized when it is not probable that future taxable profit
will be available against which temporary differences and/or tax losses can be utilized.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal"></FONT></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">Current
and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income
or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.</FONT></P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Critical
accounting estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Deferred
income tax -</B></FONT> Significant judgements, estimates and assumptions are required to determine the amount of deferred tax assets
that are recognized based on the likely timing and future taxable profits. Deferred tax assets arising from tax losses carryforward and
temporary differences are recognized considering assumptions and projected cash flows. Deferred tax assets may be affected by factors
including, but not limited to: (i) internal assumptions on the projected taxable income, which are based on production and sales planning,
commodity prices, operational costs and planned capital costs; (ii) macroeconomic environment; and (iii) trade and tax scenarios.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Uncertain
tax positions -</B></FONT> The Company applies significant judgement in identifying uncertainties over income tax treatments, which could
impact the consolidated financial statements. The Company operates in multiple jurisdictions where uncertainties arise in the application
of complex tax regulations. The Company and its subsidiaries are subject to reviews of income tax filings and other tax payments, and
disputes can arise with the taxing authorities over the interpretation of the applicable laws and regulations.</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt; color: teal"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><A NAME="a_015"></A><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Basic and diluted earnings (loss)
per share</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The basic and diluted earnings (loss) per share are presented
below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income from continuing operations</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16,728</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24,736</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,258</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,060</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,291)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,377)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income </B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,788</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,445</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,881</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Thousands of shares </B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,637,794</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,012,424</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,129,585</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,642,432</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,016,848</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,132,962</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share from continuing operations</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.61</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.93</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.22</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings (loss) per share from discontinued operations</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.44</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(0.46)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(0.27)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share:</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.05</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.47</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.95</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_016"></A>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Cash flows reconciliation</B></FONT></TD></TR></TABLE>

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

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Cash flow from operating activities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operating activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income before income taxes</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19,781</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29,541</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,990</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results and other results in associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15 and 25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(305)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,271</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment and disposals (impairment reversal) of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(773)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">426</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,308</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions related to Brumadinho </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">201</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,130</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provision for de-characterization of dams </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,725</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">617</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,171</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,034</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,215</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial results, net </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,268)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,119)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,813</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(325)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,029</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,544)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(503)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(183)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F3F3F3; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">495</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">251</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(222)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,531)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(442)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(250)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from operations </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,762</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>33,414</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,894</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Cash flow from investing activities</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursement related to VNC sale </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(f)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(555)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from sale of CSI </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from sale of Midwestern System, net of cash </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;16(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from disposal of Mosaic shares </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(l)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,259</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from sale of Vale Florestar</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from disposal of VLI shares </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(h)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">241</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeds from sale of Longyu </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(j)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">156</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Proceeds from disposal of investments, net</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>586</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>714</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>407</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">c) Reconciliation of debt to cash flows arising
from financing activities</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Debt contracts on the international market</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9.046</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>959</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3.355</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13.36</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">930</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">930</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(922)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(373)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(632)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,927)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest paid (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(501)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(117)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(75)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(693)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,423)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(490)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>223</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,690)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(199)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">177</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(140)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">469</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">110</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">71</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">650</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>351</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(89)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>248</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>510</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,974</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>380</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,826</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,180</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,275</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,275</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,441)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(220)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(639)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,300)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest paid (ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(650)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(90)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(785)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,091)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(265)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>546</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,810)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">126</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">78</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest accretion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">488</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">87</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">733</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>614</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>165</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>32</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>811</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,404</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,181</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">Includes bond premium
repurchase.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-weight: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; font-weight: normal">Classified as operating
activities in the statement of cash flows.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In November 2022, the Company contracted
a loan with the Export-Import Bank of China of US$300 (R$1,582 million) indexed to the Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;)
and maturing in 2025. The Company also drawdown US$200 (R$1,055 million) from a line of credit with Japan Bank International Cooperation
(&ldquo;JBIC&rdquo;), which is maturing in 2032. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In July 2022, the Company contracted
a loan of US$150 (R$805 million) with SMBC Bank indexed to SOFR and maturing in 2027. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In May 2022, the Company contracted a
loan of US$200 (R$967 million) with MUFG Bank indexed to SOFR and maturing in 2027. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2022, the Company contracted
two loans indexed to LIBOR, in the amount of US$425 (R$2,361 million) with maturity in 2027 with the Bank of Nova Scotia. Vale is in discussions
to replace the reference interest rate from LIBOR to SOFR and does not expect a material change in the costs of this transaction.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 28.9pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In October and December 2021, the Company contracted a loan indexed to LIBOR
in the amounts of US$350 (R$1,953 million) and US$280 (R$1,563 million), maturing in 2027 and 2032, with a commercial bank and a Japanese
development bank, respectively. Vale is in discussions to replace the reference interest rate from LIBOR to SOFR and does not expect a
material change in the costs of this transaction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2021, the Company contracted
a loan of US$300 (R$1,633 million) with The New Development Bank maturing in 2035 and indexed to LIBOR + 2.49% per year. Vale is in discussions
to replace the reference interest rate from LIBOR to SOFR and does not expect a material change in the costs of this transaction.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 99.25pt; text-align: justify; text-indent: -92.15pt; color: #007E7A"><B>Payments</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2023 (subsequent event), the
Company paid principal and interest of debentures, in the amount of US$24 (R$124 million). </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In August 2022, the Company settle its
infrastructure debentures of the 2nd series, by a payment of US$170 (R$865 million). </FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In June 2022, the Company repurchased
US$1,291 (R$6,520 million) of its bonds and paid a premium of US$113 (R$568 million), which has been recorded and is presented as &ldquo;bond
premium repurchase&rdquo; under the financial results for the year ended December 31, 2022. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In January 2022, the Company prepaid
US$200 (R$993 million) of a line of credit maturing in 2023 with the Bank of Nova Scotia. </FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In March 2021, the Company redeemed all
of its 3.75% bonds due January 2023, in the total amount of US$884 (R$4,946 million) (EUR750 million) and paid a premium of US$63 (R$354
million), which was recorded and is presented as &ldquo;bond premium repurchase&rdquo; under the financial results for the year ended
December 31, 2021.</FONT></TD></TR></TABLE>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">d) Non-cash transactions</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 63%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Non-cash transactions:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_017"></A>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Accounts receivable</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #009999 1pt solid; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #009999 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #009999 1pt solid; border-bottom: #009999 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Receivables from customer contracts</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">211</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 15.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron Solutions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,132</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,023</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 15.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Materials</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">984</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">668</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 15.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">162</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,362</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,962</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected credit loss</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(48)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,319</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,914</B></FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Provisionally priced commodities
sales &ndash;</B></FONT> The Company is mainly exposed to iron ore and copper price risk. The final sales price of these commodities is
calculated based on the pricing period stipulated in the sales contracts, which generally is later than the revenue recognition date.
Therefore, the Company initially recognizes revenue based on a provisional invoice and the receivables of the provisionally priced products
are subsequently measured at fair value through profit or loss (note 20), with these changes in the value of the receivables recorded
in the Company's sales revenue.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Year ended December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 36%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Change</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>Effect on Revenue</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007A7E"><B>(US$ million)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron ore</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25,052</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">112</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 281</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron ore pellets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">83</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">164</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Copper</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">79</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10,236</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 81</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Accounts receivable is the
total amount due from sale of products and services rendered by the Company. Accounts receivable is recognized at fair value and subsequently
measured at amortized cost using the effective interest method, except for component of provisionally priced commodities sales that are
subsequently measured at fair value through profit or loss.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">The Company applies the IFRS
9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all accounts receivable. The
Company has established a provision matrix that is based on historical credit loss experience, adjusted
for forward-looking factors specific to the economic environment and by any financial guarantees related to these accounts receivables.</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_018"></A>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Inventories</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 64%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Finished products</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron Solutions</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,126</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,192</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Materials</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">651</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">582</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,777</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,795</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">800</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">820</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Consumable inventory</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,010</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">857</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Allowance to net realizable value (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(105)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(95)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of inventories</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,482</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,377</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In 2022, the effect of provision for net realizable value
was US$44 (2021: US$1).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cost of goods sold is presented in note 5(a).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Inventories are stated at the lower
of cost and net realizable value. Inventory production cost comprises variable and fixed costs, direct and indirect costs of production
and are assigned to individual items of inventory based on weighted average costs method. At the end of the reporting period, net realizable
value of inventories are assessed and a provision for losses on obsolete or slow-moving inventory may be recognized. The write-downs and
reversals are recognized as &ldquo;Cost of goods sold, and services rendered&rdquo;.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_019"></A>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Suppliers and contractors</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties &ndash; Brazil</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,691</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,766</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Third parties &ndash; Abroad</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,599</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,618</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">171</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,461</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,475</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company has transactions with certain suppliers, which
allows them to anticipate their receivables and the Company to extend its payment term within the short term, that is, during its operational
cycle.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The outstanding balance related to those transactions was US$743
as at December 31, 2022 (2021: US$589), of which US$202 (2021: US$207) relates to the structure created by the Company with the exclusive
purpose of enabling small and medium suppliers to anticipate their receivables with better interest rates, in line with Vale&rsquo;s social
pillar.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.75pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 4pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Company assesses whether the
payment term extension arrangement substantially modifies the original liability based on qualitative and quantitative aspects. If the
original liability has been substantially modified, the Company derecognizes the original liability (suppliers) and recognizes a new financial
liability (other financial liabilities), any gain/loss is recognized in income statement. If the original liability has not been substantially
modified, the original liability (suppliers) remains.</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

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

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

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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_020"></A>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Other financial assets and liabilities</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-Current</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities (i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>342</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>111</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>280</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>143</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">592</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">393</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees provided (ii)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">542</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">416</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">760</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,554</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,437</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Contract liability and other advances (iii)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">766</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">916</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,672</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,312</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,843</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,571</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">(i) Corresponding to a 3.24% non-controlling interest
in Boston Electrometallurgical Company, whose objective is to promote the development of a technology focused on reducing carbon dioxide
emissions in steel production.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">(ii) In July 2022, the Company signed a binding agreement
with ArcelorMittal for the sale of CSP. At the closing, CSP's debt will be settled and the financial liability related to the guarantee
granted will be derecognized by Vale.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">(iii) Includes advances received from customers that
meets the definition of contract liability described in IFRS 15 - Revenue from Contracts with Customers and other financial advances received
that meet the definition of a financial liability described in IAS 32 - Financial Instruments: Presentation.</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In December 2020, the Company
entered into an agreement with the Federal Government to continue operating its concessions of the Estrada de Ferro Caraj&aacute;s (&ldquo;EFC&rdquo;)
and Estrada de Ferro Vit&oacute;ria a Minas (&ldquo;EFVM&rdquo;) for thirty years more, extending the maturity date from 2027 to 2057.
&nbsp;</FONT></P>



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In 2022, the Company reviewed the cash disbursement estimates for the execution
of investments in infrastructure, mainly due to inflation of the costs of inputs and services, and the physical inventory review, resulting
in an addition to the provision in the amount of US$849.&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 40%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Addition</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Present value adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Disbursements</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payment obligation</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">586</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">440</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">148</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(220)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">954</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Infrastructure investment</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,611</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">409</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">160</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(164)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,016</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,197</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>849</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>308</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(384)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,970</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">760</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">416</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,437</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,554</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,197</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,970</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Discount rate in nominal terms - Payment obligation</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11.04%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11.04%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Discount rate in nominal terms - Infrastructure investment</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5.11% - 5.75%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6.08% - 6.23%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; color: teal"><B>(a.i)
Payment obligation </B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">The Company
will make payments for the concession grants in quarterly installments through the concession period. This commitment is updated annually
by the readjustment index for monetary exchange (&ldquo;IRT&rdquo;), which was 6.47% for the year ended December 31, 2022 (2021: 12.34%).</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">In addition, the National Land Transport Agency (&ldquo;ANTT&rdquo;) may require,
at their discretion, further investments on the concession network. Furthermore, there is a requirement for the Company to complete a
minimum percentage of certain investments by 2027. In these circumstances, discussions on the economic and financial rebalancing of the
contracts will be required and depending on the result of the physical inventory review and if new investments are demanded, the carrying
amount of grant payable may have a material impact in the future.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white; color: teal"><B>(a.ii)
Infrastructure investment</B></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white"><FONT STYLE="color: teal"><B>Midwest
Integration Railroad (&quot;FICO&quot;) -</B></FONT> Construction of 383 km of FICO, between the municipalities of Mara Rosa, in Goi&aacute;s,
and &Aacute;gua Boa, in Mato Grosso. The construction started in 2021 and the execution period is expected to take 5 years. As at December
31, 2022, the Company has a provision in the amount of US$1,415 (2021: US$1,206).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white"><FONT STYLE="color: teal"><B>Infrastructure
program -</B></FONT> Comprises over 450 separate projects designed to improve safety and reduce trespass where the railways pass through
urban areas. The program will benefit 25 and 33 municipalities intercepted by EFC and EFVM, respectively. As at December 31, 2022, the
Company has a provision in the amount of US$601 (2021: US$404).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white"><FONT STYLE="color: teal"><B>West-East
Integration Railway (&ldquo;FIOL&rdquo;) -</B></FONT> Acquisition and delivery of rails and sleepers, which the Federal Government will
use for construction of section II of the FIOL, which will connect the municipalities of Caetit&eacute; and Barreiras, in Bahia, and other
miscellaneous commitments. In 2022, ANTT issued the definitive Discharge Term regarding the rails and sleepers acquired for FIOL, as established
in an amendment to the EFVM concession contract. Therefore, this obligation was settled in 2022 (2021: US$62).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: white">The construction of FICO and the execution
of the Infrastructure Program are Vale's responsibility and changes in relation to the original budgets may materially change the balance
of the provision in the future.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: white; color: teal"><B>(a.iii) Guarantee</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0; background-color: white">In addition,
as a condition for signing the contracts, the Company contracted a guarantee with coverage of US$180 as at December 31, 2021. These insurance
contracts guarantee compensation, up to the amount established in the policy, for any losses arising from non-compliance of the contractual
obligations assumed by Vale in the concession contracts.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A; border-bottom: #BFBFBF 0.75pt solid"><B>Accounting
policy</B></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Concessions
&ndash;</B></FONT> Railway concessions liabilities consist of the following future payments discounted at present value: (i) fixed payments
for the concession; (ii) amounts expected to be disbursed for constructing railways and infrastructure; (iii) cost of acquiring equipment
to be made available for the granting authority; and (iv) other miscellaneous obligations and commitments that complement the early extension
of the railway concessions agreement.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Grant payments are discounted
using the regulatory weighted average cost of capital (&ldquo;WACC&rdquo;), which is the interest rate explicit in the concession agreement
as determined by the ANTT, and payments related to other investment obligations are discounted at an incremental rate to reflect the time
value of money, that is, a risk-free interest rate applicable to the economic environment in which the Company operates and with terms
and conditions equivalent to the obligations assumed.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">The amounts payable in relation
to the concession granted accounted for as intangible in accordance with the accounting policy, disclosed in note 17.</P>

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


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_021"></A>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Investments in subsidiaries, associates,
and joint ventures</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Equity results in the income statement</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Dividends received</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 27%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% ownership</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% voting capital</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Baovale Minera&ccedil;&atilde;o S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">80</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.89</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.90</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">62</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">40</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">145</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">129</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">52</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">40</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">48.16</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47.09</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">509</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">418</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Samarco Minera&ccedil;&atilde;o S.A. (note 25)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">VLI S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">428</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">408</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,296</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>213</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>166</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>50</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>120</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>140</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Energy Transition Materials</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Korea Nickel Corp.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25.00</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>17</B></FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3</B></FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1</B></FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other</B></FONT></TD>
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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">340</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">367</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">31</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
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  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">105</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">California Steel Industries, Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">228</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">84</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">99</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(131)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Minera&ccedil;&atilde;o Rio do Norte S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">40.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">40.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>502</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>621</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>30</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>327</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(126)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>99</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>109</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>33</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Equity results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,798</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>246</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>494</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(76)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>190</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>173</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,765)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(944)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,798</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>305</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,271)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,020)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>190</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>173</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 38 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Changes in the year</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,031</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Capital contribution to CSP</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">42</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity results in income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">246</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">494</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dividends declared</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(186)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(228)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">116</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(128)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment of CSP</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer the equity results to discontinued operations </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer of CSI to assets held for sale </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(377)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,798</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Capital
reduction in a foreign subsidiary &ndash;</FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">In
August 2022, the Company approved a capital reduction in the amount of US$1,500 of Vale International SA (&ldquo;VISA&rdquo;), a wholly-owned
foreign subsidiary, leading to a reduction in the absolute value of the investment held by the Parent Company, leading to a gain of US$1,543
presented as &ldquo;Other financial items, net&rdquo; (note 6). The remaining balance of cumulative translation adjustments of VISA represents
US$4,623 as at December 31, 2022.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In December 2021, the Company
approved a capital reduction in the amount of US$3,000 in VISA, generating a gain of US$2,413 related to the reclassification of the cumulative
translation adjustments of this investment, recorded in the equity to the income statement for year ended December 31, 2021, presented
as &ldquo;Other financial items, net&rdquo; (note 6).</FONT></P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">b) Summarized financial information</P>

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



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The summarized financial information about relevant associates and joint ventures
for the Company are as follow. The stand-alone financial statements of those entities may differ from the financial information reported
herein, which is prepared considering Vale&rsquo;s accounting policies and using the most recent financial information available adjusted
for the effects of significant transactions or events that occur between the date of the financial information and the date of the Company&rsquo;s
financial statements. The summarized financial information about Samarco is presented in note 25.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 22%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Gera&ccedil;&atilde;o de Energia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>CSP </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Pelletizing
    plants (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>MRS Log&iacute;stica</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>VLI S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">140</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">827</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">497</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">387</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">760</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">921</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">209</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,709</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">328</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,398</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,649</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,061</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>209</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,536</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>825</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,785</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,409</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">161</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">491</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">164</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">509</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">810</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">282</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,450</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,219</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,153</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>443</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,941</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>165</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,728</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,963</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Equity </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>618</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>208</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>595</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>660</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,057</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,446</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">215</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,399</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">420</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,083</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,376</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>57</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(13)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>387</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>272</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>169</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(29)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 21%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Gera&ccedil;&atilde;o de Energia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>CSP </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Pelletizing plants (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>MRS Log&iacute;stica</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>VLI S.A.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">112</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">566</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">425</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">497</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">494</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">824</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">206</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,615</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">267</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,910</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,550</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>936</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>206</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,181</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>692</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,407</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,044</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">438</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">166</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">447</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">580</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">223</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,545</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,092</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,085</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>269</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,983</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>167</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,539</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,665</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>667</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>206</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>198</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>525</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>868</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,379</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">185</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,242</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">396</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">820</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,109</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>96</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(7)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>891</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>250</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>155</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(136)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The significant consolidated
entities in each business segment are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Location</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Main activity/Business</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% Ownership</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% Voting capital</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>% Noncontrolling interest</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Direct and indirect subsidiaries</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A. (&ldquo;MBR&rdquo;)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Salobo Metais S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Copper</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">PT Vale Indonesia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indonesia</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Holdings B.V.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Netherlands</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Holding and research</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Canada Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale International S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Switzerland</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Trading and holding</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Malaysia Minerals Sdn. Bhd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Malaysia</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Oman Distribution Center LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Iron ore and pelletizing plant</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Oman Pelletizing Company LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Oman</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plant</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Samarco Minera&ccedil;&atilde;o S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Steel industry</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Minera&ccedil;&atilde;o Rio do Norte S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Bauxite</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Logistics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48.2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VLI S.A.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Logistics</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29.6%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29.6%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70.4%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">d) Noncontrolling interest</P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Summarized financial information</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The summarized financial information, prior to the eliminations
of the intercompany balances and transactions, of subsidiaries with material noncontrolling interest are as follow. The stand-alone financial
statements of those entities may differ from the financial information reported herein, which is prepared considering Vale&rsquo;s accounting
policies .</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 54%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>PTVI</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Vale Oman Pelletizing (note 16n)</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">853</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,147</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">581</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">113</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>746</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">183</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">96</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">249</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">149</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">297</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>432</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>542</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,681</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">204</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity (negative reserves) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,492</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(62)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,491</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income </FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>101</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(28)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>82</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Dividends paid to noncontrolling interests</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 38%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>PTVI</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Vale Mo&ccedil;ambique</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Vale Oman Pelletizing</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">771</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">420</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">92</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,875</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">195</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">633</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,728</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>621</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>750</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">174</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">224</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">97</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">157</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Related parties &ndash; Shareholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12,072</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">296</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>244</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,370</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>550</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity (negative reserves)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,484</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11,749)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Equity (negative reserves) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,383</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(587)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>60</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(21)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>834</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">198</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">326</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>110</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(85)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(10)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>23</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Dividends paid to noncontrolling interests</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>30</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Subsidiaries
&ndash; </B></FONT>The Company consolidates all entities over which it has control, that is, when: (i) the Company is exposed or has rights
over variable returns from its involvement with the investee; and (ii) has the ability to direct the investee&rsquo;s significant activities.
Subsidiaries are fully consolidated from the date on which control is acquired by the Company. Consolidation is interrupted from the date
on which the Company ceases to have control over the investee.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Transactions
with noncontrolling interests &ndash;</B></FONT> Investments held by other investors in Vale&rsquo;s subsidiaries are classified as noncontrolling
interests (&ldquo;NCI&rdquo;). The Company treats transactions with noncontrolling interests as transactions with the Company&rsquo;s
shareholders. For purchases or disposals of non-controlling interests, the difference between the consideration paid and the book value
of the acquired portion of the subsidiary's net assets is recorded directly in equity under &ldquo;Acquisitions and disposals of non-controlling
interests&rdquo;.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Loss
of control &ndash;</B></FONT> When the Company ceases to have control, any interest retained in the entity is remeasured at its fair value,
with the change in the carrying amount recognized in profit or loss. Amounts previously recognized in other comprehensive income are reclassified
to the income statement.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Investments
in associates and joint arrangements &ndash;</B></FONT> Associates are all entities over which the Company has significant influence,
but not control, generally through an equity interest of 20% to 50% of the voting rights. If the equity interest in the associate is reduced,
but significant influence is retained, only a proportionate portion of the amounts previously recognized in other comprehensive income
will be reclassified to profit or loss, when appropriate. Dilution gains and losses, incurred on interests in associates, are recognized
in the income statement.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Joint arrangements are all entities
over which the Company has shared control with one or more parties. Joint arrangement investments are classified as either joint operations
or joint ventures depending on the contractual rights and obligations of each investor.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The joint operations are recorded
in the financial statements to represent the Company&rsquo;s contractual rights and obligations. Accordingly, the assets, liabilities,
income and expenses related to the joint operation are recorded individually in the financial statements.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Interests in joint ventures are
accounted for using the equity method, after initially being recognized at cost. The Company investment in joint ventures includes the
goodwill identified in the acquisition, net of any impairment loss. The Company interest in the profits or losses of its joint ventures
is recognized in the income statement and participation in the changes in reserves is recognized in the Company's reserves. When the Company&rsquo;s
interest in the losses of an associate or joint venture is equal to or greater than the carrying amount of the investment, including any
other receivables, the Company does not recognize additional losses, unless it has incurred obligations or made payments on behalf of
the joint venture.</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">In addition, the financial information of associates and joint ventures used
to account for their impact in these financial statements may differ from the stand-alone financial statements of those entities due to
adjustments to Vale's accounting policy and the length of the reporting periods.<BR STYLE="clear: both">
</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Cumulative
translation adjustments -</B></FONT>&nbsp;IAS 21 defines that exchange differences arising from transactions and balances of foreign operations
are recognized in other comprehensive income and accumulated in equity until this operation is fully or partially disposed. &ldquo;Partial
disposal&rdquo; of an investment can be interpreted as (i) reduction in the percentage of equity interest; or (ii) reduction in the absolute
value of the investment through the reduction of the investee's capital, even if the investor&rsquo;s percentage of ownership interest
is not changed. Therefore, there is an accounting policy choice regarding the definition of partial disposal.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Thus, the Company has determined
as its accounting policy that a capital reduction in an investment in a foreign operation should be treated under the absolute value approach
as described in ii) above. Therefore, the exchange differences recorded in equity are reclassified to the income statement in the same
proportion as the reduction in the net investment held in the foreign operation.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<DIV STYLE="border-bottom: #BFBFBF 0.5pt solid; padding-top: 31pt; padding-right: 31pt; padding-bottom: 1pt">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Critical accounting estimates and judgments</B></P>

</DIV>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Judgment is required in some circumstances
to determine whether after considering all relevant factors, the Company has either control, joint control or significant influence over
an entity. Significant influence includes situations of collective control.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Company holds the majority of
the voting capital in five joint arrangements (Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A., Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es
S.A., Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o), but management has concluded that the Company does not have a sufficiently dominant voting
interest to have the power to direct the activities of these entities. As a result, these entities are accounted under equity method due
to shareholder&rsquo;s agreements where relevant decisions are shared with other parties.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Vale and Sumitomo Metal Mining Co.
Ltd. (&ldquo;SMM&rdquo;) own a 44.3% and 15% equity interest in PT Vale Indonesia Tbk (&ldquo;PTVI&rdquo;), respectively, for a total
of 59.3% interest in PTVI. Vale and SMM have a Shareholders' Agreement (&quot;Block voting agreement&quot;), establishing that SMM will
follow Vale's guidelines in decision-making on financial and operational matters relevant to the management of PTVI and, therefore, the
Company consolidates PTVI in its financial statements.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_022"></A>16.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Acquisitions and divestitures</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>Effects on the balance sheet</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Coal (Discontinued operation)</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Manganese assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>CSI</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">179</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">364</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">381</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">377</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">377</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>552</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>377</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>976</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">110</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">120</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">232</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">235</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>342</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>355</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>Effects on the income statement</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Result of the transaction </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total recycling from OCI</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Impairment reversal (impairment) of non-current assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Midwestern System</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,121</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">California Steel Industries </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">142</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Companhia Sider&uacute;rgica do Pec&eacute;m (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(135)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Manganese</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(e)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>65</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>150</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>215</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,111</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discontinued operations (Coal) </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,072</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,072</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,137</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>150</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,287</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>522</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Includes impairment of the investment in the amount of US$111
and a provision for accounts receivable with CSP in the amount of US$24.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31, 2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Result of the transaction </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total recycling from OCI</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Impairment of non-current assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Midwestern System</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(78)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Nouvelle-Cal&eacute;donie S.A.S.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(f)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,132</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,132</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(98)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Shipping</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(g)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">771</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">771</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Manganese</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(e)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(35)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(75)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,912</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,912</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(211)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(75)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discontinued operations (Coal)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">424</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">424</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,282)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,336</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,336</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,493)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(75)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Year ended December 31, 2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Result of the transaction </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total recycling from OCI</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Impairment of non-current assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vale Nouvelle-Cal&eacute;donie S.A.S.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(f)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(882)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VLI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(h)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Biopalma</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(125)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Longyu</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(j)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">116</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">116</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Manganese</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(e)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>135</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>135</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,083)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>161</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discontinued operations (Coal)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16(a)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(935)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>135</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>135</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,018)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>161</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal">Discontinued operations (Coal) -</FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">The
Company has metallurgical and thermal coal mining and processing operations through Vale Mo&ccedil;ambique S.A. (&ldquo;Vale Mo&ccedil;ambique&rdquo;)
which was a company controlled by Vale, that had a non-controlling interest held by Mitsui &amp; Co. Ltd. (&ldquo;Mitsui&rdquo;). Coal
products are transported from the Moatize mine to the maritime terminal by the Nacala Logistics Corridor (&ldquo;NLC&rdquo;), which was
a joint venture between Vale and Mitsui. The NLC&rsquo;s main assets are the railways and port concessions located in Mozambique and Malawi.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As part of the sustainable
mining strategic agenda, the Company announced in 2021 its intention to divest from coal assets. To achieve this objective, it was necessary
to carry out the corporate reorganization through the acquisition of the interests held by Mitsui in these assets, which, upon completion,
allowed an agreement with Vulcan Minerals (&ldquo;Vulcan&rdquo;), for the sale of all coal assets.</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Following the signing of the agreement
in December 2021, the Company started to treat coal as a discontinued operation. Below is a summary of the main events:</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Acquisition of non-controlling interest in
Vale Mo&ccedil;ambique</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On June 22, 2021, the Company acquired 15% interest held by Mitsui in Vale
Mo&ccedil;ambique for an immaterial consideration, which resulted in a loss of US$331 (R$1,666 million) due to the negative reserves of
Vale Mo&ccedil;ambique at the conclusion of the transaction. This transaction with non-controlling interests was recognized in the equity
as &ldquo;Acquisition and disposal of non-controlling interest&rdquo;. After the acquisition of the interests previously held by Mitsui,
the Company holds 95% of the share capital of Vale Mo&ccedil;ambique and the remaining interest is held by the government of Mozambique.</FONT></P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Business combinations &ndash; NLC</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company also concluded
the acquisition of NLC&rsquo;s control on June 22, 2021, through the disbursement of US$2,517 to settle NLC&rsquo;s loans with third parties
(&ldquo;Project Finance&rdquo;), satisfying all conditions for acquiring the additional 50% held by Mitsui. Therefore, the Company started
consolidating the NLC&rsquo;s assets and liabilities on its balance sheet. </FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Following the closing, the
Company assessed the fair value of the acquired business, resulting in a loss of US$771 on the fair value of the loans receivable from
NLC, presented as &ldquo;Impairment and disposals of non-current assets, net&rdquo; in the loss of discontinued operations for the year
ended December 31, 2021. The loss recognized was due to the decrease in the long-term price assumption for both metallurgical and thermal
coal as well as the reduction in the expected production to reflect the operational challenges to reach the ramp-up of the coal business.</FONT></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The fair values of identifiable
assets acquired, and liabilities assumed as a result of the NLC&rsquo;s acquisition were as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 82%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 22, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Acquired assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Inventory, recoverable tax, and other assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">423</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,219</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Property, plant, and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,363</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assumed liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(158)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net identifiable assets acquired</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,019</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value adjustments (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,590)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total identifiable net assets at fair value</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,429</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pre-existing relation (Loans receivable from NLC)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">859</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loss on pre-existing relation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(771)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,517</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash consideration</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,517</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(-) Balances acquired</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">172</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash outflow</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,345</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) Of this amount, US$441
was allocated to property, plant, and equipment and US$791 was allocated to intangible and the remaining amount was allocated to other
assets.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: teal"><B>Fair value adjustments</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Following the decision to
divest from the coal segment, the Company initiated interactions with potential interested parties in acquiring these assets, and the
negotiations that were underway at the time, resulted in the decision to provision in full the book value of these assets, mainly due
to the difficulties to prove the expected productivity levels of metallurgical coal and thermal coal, due to the delays that occurred
to implement the mining plan and the strategy for the plant to reach the ramp-up of the asset. The Company recorded the impact of US$2,511
in the net income from discontinued operations for the year ended December 31, 2021, presented as &ldquo;Impairment and disposal of non-current
assets&rdquo;.</FONT></P>

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

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Binding agreement with Vulcan Minerals (&ldquo;Vulcan&rdquo;)</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In December 2021, the Company
entered into a binding agreement with Vulcan Resources (formerly Vulcan Minerals - &ldquo;Vulcan&rdquo;) for the sale of these assets.
Under the sale agreement Vulcan has committed to pay the gross amount of US$270, in addition of a 10-year royalty agreement subject to
certain mine production and coal price conditions and so, due to the nature and uncertainties related to the measurement of these royalties,
gains will be recognized as incurred. Up to this date, the Company has not recognized any gain in relation to these royalties.</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In April 2022, the transaction
was completed and the Company recorded a net income from discontinued operations of US$2,060 for the year ended December 31, 2022, which
is mainly driven by the reclassification of the cumulative translation adjustments of US$3,072, from the equity to the income statement<I>,</I>
which was partially offset by the derecognition of noncontrolling interest of US$585 due to the deconsolidation of the coal assets. Additionally,
until the closing of the transaction, the Company recorded losses of US$589 due to the impairment of assets acquired in the period and
working capital adjustments. These effects are presented below:</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>Net income and cash flows from discontinued
operations</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 61%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income from discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">448</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,083</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">473</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(264)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,386)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,475)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Operating expenses</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(43)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment and disposals of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(589)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,282)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(935)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Operating loss</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(418)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,618)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,980)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cumulative translation adjustments (i)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,072</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other financial results, net</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">447</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derecognition of noncontrolling interest </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(585)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(43)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,062</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,197)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,021)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">821</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">297</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) from discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,376)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,724)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loss attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(347)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,060</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,291)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,377)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Cash flow from discontinued operations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;Operating activities</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net income (loss) before income taxes</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,062</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,197)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,021)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;Adjustments:</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Depreciation, amortization and depletion</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Impairment and disposals of non-current assets, net</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">589</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,282</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">935</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">585</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;Financial results, net</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,065)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(447)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Decrease in assets and liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(49)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(29)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash generated (used) by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(316)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,055)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Investing activities</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Additions to property, plant and equipment</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(194)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(203)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Acquisition of NLC, net of cash</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,345)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Disposal of coal, net of cash </FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(103)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,469)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(129)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financing activities</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(15)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net cash used by discontinued operations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(73)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2,798)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,199)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>b)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal">Midwestern System &ndash; </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In
April 2022, the Company entered into an agreement with J&amp;F Minera&ccedil;&atilde;o (&ldquo;J&amp;F&rdquo;) for the sale of Vale&rsquo;s
iron ore, manganese and logistics assets in the Centro-Oeste System, through equity interests in Minera&ccedil;&atilde;o Corumbaense Reunida
S.A., Minera&ccedil;&atilde;o Mato Grosso S.A., International Iron Company, Inc. and Transbarge Navegaci&oacute;n S.A.</FONT></P>

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


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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The carrying amount of those assets were fully impaired in
past years and the Company had a liability related to take-or-pay logistics contracts that were deemed onerous contracts under the Company&rsquo;s
business model for the Midwestern System.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In July 2022, the Company completed the transaction and received
US$140. With the disposal of the investment, the Company recorded a gain of US$37 related to the reclassification of the cumulative translation
adjustments from the equity to the income statement, recorded in &ldquo;Other financial items, net&rdquo;.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal">California Steel Industries (&ldquo;CSI&rdquo;)
- </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In December 2021, the Company entered into a binding agreement
with Nucor Corporation (&ldquo;Nucor&rdquo;) for the sale of its 50% interest in CSI for US$437. In February 2022, the Company concluded
the sale and recorded a gain of US$292, as &ldquo;Equity results and other results in associates and joint ventures&rdquo;, of which US$142
relates to a gain from the sale and US$150 is due to the reclassification of the cumulative translation adjustments from the equity to
the income statement.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal">Sale of Companhia Sider&uacute;rgica do Pec&eacute;m
(&ldquo;CSP&rdquo;) - </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In July 2022, the Company and the other
shareholders of CSP signed a binding agreement with ArcelorMittal Brasil S.A. (&ldquo;ArcelorMittal&rdquo;) for the sale of CSP for approximately
US$2,200. The completion of the transaction will be used in full on the prepayment of CSP&rsquo;s outstanding net debt of approximately
US$2,200, as the Company has already recognized an impairment loss of US$135 for the year ended December 31, 2022. The Company does not
expect any material impact at closing, which is expected to occur in the first quarter 2023, subject to customary regulatory approvals.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: teal"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>e)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Manganese </FONT></B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Operations in Minas Gerais -</B></FONT>
In January 2022, the Company completed the sale of its ferroalloys operations in Barbacena and Ouro Preto and its manganese mining operations
at Morro da Mina, in the state of Minas Gerais, to VDL Group (&ldquo;VDL&rdquo;) for a total consideration of US$40. As the Company had
already adjusted the net assets to the fair value less cost of disposal, the closing did not result in an additional impact on the income
statement for 2022 (2021: impairment of US$25).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Operations in Bahia -</B></FONT>
In 2020, the Company decided to shut down the Sim&otilde;es Filho operation, located in the State of Bahia, the plant was part of Vale
Mangan&ecirc;s business and produced manganese ferroalloys. In 2022, the Company signed a binding agreement with Minas Ligas for a partial
sale of the assets of this plant for US$11, which resulted in an impairment loss of US$10 for the year ended December 31, 2022 (2021:
US$10 and 2020: US$76).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>f)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal">Vale Nouvelle-Cal&eacute;donie S.A.S. (&ldquo;VNC</FONT></B><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">&rdquo;)</FONT></B><B>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal">- </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In
December 2020, the Company signed a binding put option agreement to sell its interest in VNC for an immaterial consideration to Prony
Resources consortium. With the final agreement signed in March 2021, the Company recorded a loss in the amount of US$98, presented as
&ldquo;Impairment reversal (impairment and disposals) of non-current assets, net&rdquo; in the income statement for the year ended December
31, 2021. The Company also recorded a gain of US$1,132 due to the cumulative translation adjustments reclassification from the equity
to the income statement as &ldquo;Other financial items, net</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>g)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Vale Shipping Holding Pte. Ltd (&ldquo;VSH&rdquo;)
- </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In October 2021, the Company approved the liquidation of
VSH, its wholly-owned subsidiary that owned and operated the Company's vessels. In November 2021, VSH made a repayment of capital to VISA
and, as a result, the Company recognized a gain of US$771, presented as &ldquo;Other financial items, net&rdquo; arising from the reclassification
of cumulative translation adjustments that was recorded in the Company&rsquo;s equity to the income statement.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>h)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Option exercised in VLI shares -</FONT></B> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In
December 2020, BNDES Participa&ccedil;&otilde;es S.A. (&ldquo;BNDESPar&rdquo;), fully exercised its option contained in the Call Option
Contract for shares issued by VLI S.A. (&ldquo;VLI&rdquo;). In this contract, BNDESPar was granted call options on VLI shares held by
Vale of up to 8% of VLI's share capital. With the exercise of this option, Vale received US$241 and now holds 29.6% of VLI's total shares.
This transaction resulted in a gain of US$172, recognized in the income statement as &ldquo;Equity results and other results in associates
and joint ventures&rdquo; for the year ended December 31, 2020.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>i)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Biopalma da Amaz&ocirc;nia S.A. Reflorestamento
Ind&uacute;stria e Com&eacute;rcio (&ldquo;Biopalma&rdquo;)- </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In
November 2020, the Company concluded the sale of Biopalma to Brasil Bio Fuels S.A. As a result of this transaction, a loss of US$125 was
recognized in the income statement as &ldquo;Impairment reversal (impairment and disposals) of non-current assets, net&rdquo; for the
year ended December 31, 2020. </FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>j)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Henan Longyu Energy Resources Co., Ltd (&ldquo;Longyu&rdquo;) -</FONT></B> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In December 2019, the Company entered into
an agreement to sell its 25% interest in Longyu, a company that operates two coal mines in China, for a total cash consideration
of US$156. In 2020, the precedent conditions of the agreement were
met, and the Company recognized a gain of US$116, recorded as &ldquo;Equity results and other results in associates and joint ventures&rdquo;
due to the reclassification of cumulative translation adjustments to the Company&rsquo;s equity.</FONT></P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>k)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Divestment agreement in compliance with PT Vale
Indonesia Tbk (&ldquo;PTVI&rdquo;) - </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Contract of Work - PTVI,
a public company in Indonesia, has an agreement in place with the government of the Republic of Indonesia to operate its mining licenses,
expiring in December 2025. According to the agreement, PTVI must meet certain requirements to extend the period of the mining licenses
beyond 2025, including the commitment to have Indonesian participants in its shareholding structure. Following this commitment, in June
2020, the Company signed together with Sumitomo Metal Mining Co., Ltd. (&ldquo;SMM&rdquo;), an agreement for the sale of 20% (14.9% from
Vale and 5.1% from SMM) of their aggregate stake in PTVI to PT Indonesia Asahan Aluminium (&ldquo;PT Inalum&rdquo;), an Indonesia state-owned
enterprise. In October 2020, the Company concluded the transaction and received a cash consideration of US$278. This transaction with
non-controlling interests resulted in a loss of US$179, which was recognized in equity for the year ended December 31,2020. At the closing
of the transaction, Vale and SMM which have a stake of 44.3% and 15%, respectively, totaling a 59.3% interest in PTVI, signed a block
voting agreement, in which SMM is required to follow Vale&rsquo;s vote on relevant operational and financial decisions concerning PTVI.
Therefore, the Company continues consolidating PTVI in its financial statements.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>l)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">The Mosaic Company (&ldquo;Mosaic&rdquo;) -</FONT></B>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">The Company held 34.2 million common shares of Mosaic, the financial
instrument was measured at fair value through other comprehensive income. Thus, changes in the fair value of this investment were accumulated
in the Company's equity. In November 2021, the Company sold the entire investment of Mosaic shares for the total amount of US$1,259 and
the amount US$522 was reclassified from other reserves to retained earnings reserve and, therefore, did not result in an impact on the
income statement for the year ended December 31, 2021.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>m)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Minera&ccedil;&otilde;es Brasileiras Reunidas
S.A. (&ldquo;MBR&rdquo;) &ndash;</FONT></B> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Until December 2019, the
Company held 98.3% of MBR&rsquo;s share capital. In 2020, the Company purchased the remaining interest in MBR for a net consideration
of US$107, therefore, the Company holds 100% of MBR&rsquo;s share capital as at December 31, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>n)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: teal">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">Vale Oman Pelletizing Company LLC (&ldquo;VOPC&rdquo;)
&ndash;</FONT></B> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In February 2023 (subsequent event), OQ Group exercised
a call option to sell its 30% noncontrolling interest held in VOPC. Upon closing of the transaction, which is expected to take place
in the second quarter of 2023, Vale will acquire the remaining interest for approximately US$130. This transaction should not result
in a material impact, which will be recognized in the equity as &ldquo;Acquisition and disposal of non-controlling interest&rdquo;.&nbsp;With
the acquisition, Vale will hold 100% of VOPC's share capital.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Business
combinations -</B></FONT> The acquisition method of accounting is used to account for all business combinations, regardless of whether
equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises (i) fair
values of the assets transferred; (ii) liabilities assumed of the acquired business; (iii) equity interests issued to the Company; (iv)
fair value of any asset or liability resulting from a contingent consideration arrangement, and (v) fair value of any pre-existing equity
interest in the subsidiary.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Identifiable assets acquired,
and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their
fair values at the acquisition date. The Company recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition
basis either at fair value or at the non-controlling interest&rsquo;s proportionate share of the acquired entity&rsquo;s net identifiable
assets.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Discontinued
operations -</B></FONT> The classification as a discontinued operation occurs through disposal, or when the operation meets the criteria
to be classified as held for sale if this occurs earlier. A discontinued operation is a component of a Company business comprising cash
flows and operations that may be clearly distinct from the rest of the Company and that represents an important separate line of business
or geographical area of operations.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">The result of discontinued
operations is presented in a single amount in the income statement, including the results after income tax of these operations less any
impairment loss. Cash flows attributable to operating, investing and financing activities of discontinued operations are disclosed in
a separate note.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">When an operation is classified
as a discontinued operation, the income statements of the prior periods are restated as if the operation had been discontinued since the
beginning of the comparative period.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Any noncontrolling interest
relating to a group disposal held for sale is presented in the equity and is not reclassified in the statement of financial position.</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_023"></A>17.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Intangibles</B></FONT></TD></TR></TABLE>

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  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Goodwill</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Concessions</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Software</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Research and development project</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,391</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>76</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>531</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,296</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">431</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">478</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(240)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(275)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of NLC </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,428</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,428</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment of discontinued operations </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,422)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,422)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(90)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(358)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(37)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(487)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,208</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,223</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>86</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>494</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,011</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,208</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,332</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">516</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">494</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10,550</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,109)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(430)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,539)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,208</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,223</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>86</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>494</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,011</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,087</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,126</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(229)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(43)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(272)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">366</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">386</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,189</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,434</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>87</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>528</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,238</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,189</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,808</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">564</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">528</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,089</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,374)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(477)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,851)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,189</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>87</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>528</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,238</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Concessions &ndash;
</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Includes the EFC and EFVM operating concession agreements
(note 14a).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>b) Goodwill &ndash;</B></FONT>
Includes the goodwill derived from acquisition of iron ore and nickel businesses and the goodwill from the incorporation of Valepar into
Vale in 2017. This goodwill was recognized on the acquisition of Vale controlling interest by Valepar, based on the expected future returns
of the ferrous segment. The Company has not recognized the deferred taxes over the goodwill, since there are no differences between the
tax basis and accounting basis. Annually, the Company assesses the impairment of this asset, or more frequently when an indication of
impairment is identified (note 19).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>c) Research and development project
-</B></FONT> Refers to in-process research and development projects and patents identified in the business combination of New Steel Global
N.V. acquired in 2019. The intangible assets of research and development are not subject to amortization until the operational phase is
reached. Thus, the Company annually assesses the impairment of this asset, or more frequently when an indication of impairment is identified
(note 19).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Intangibles are carried at acquisition
cost, net of accumulated amortization and impairment charges.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The estimated useful lives are as
follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #EAF1DD; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; background-color: transparent; padding-right: 1.45pt; padding-left: 1.45pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%; background-color: #F2F2F2; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: #00807A 1pt solid; background-color: #F2F2F2; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Useful life</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Railway concessions</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5 to 37 years</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: transparent; padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Research and development project</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Software</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5 years</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_024"></A>18.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Property, plant, and equipment</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 24%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Building and land</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Facilities</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Equipment</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,591</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,591</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,933</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,054</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,523</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,563</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,495</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,398</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>41,148</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">185</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,316</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,501</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(69)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(63)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(192)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(436)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(664)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(450)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(166)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,626)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of NLC </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">235</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">140</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">102</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">318</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">33</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">92</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">922</FONT></TD></TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(11)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(11)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(21)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(13)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(130)</FONT></TD></TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(a)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(317)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,089)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
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    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
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    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
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    <TD STYLE="background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
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    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD></TR>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(412)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(432)</FONT></TD>
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    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(130)</FONT></TD>
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    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(132)</FONT></TD>
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    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(167)</FONT></TD>
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    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(27)</FONT></TD>
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    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(99)</FONT></TD>
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    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(255)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,654)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">416</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">561</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">669</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">236</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">152</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">365</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,399)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,137</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,232</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,743</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,742</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,334</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,537</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,484</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,722</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>41,931</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,937</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,560</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10,770</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17,036</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,717</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,014</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,470</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,722</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">73,226</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,800)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4,328)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,027)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9,294)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,383)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(477)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,986)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(31,295)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,137</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,232</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,743</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,742</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,334</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,537</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,484</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,722</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>41,931</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,496</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,573</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(22)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(24)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(19)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(144)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(221)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(562)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(562)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(409)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(478)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(700)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(436)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(160)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(185)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(301)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2,669)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">64</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">214</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(56)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(34)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(64)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(39)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(21)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(214)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">308</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">340</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">102</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(131)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">159</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">886</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">899</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">972</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">858</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">502</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">149</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">408</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,788)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,913</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,042</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,984</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,112</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,475</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,455</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,632</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,325</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>44,938</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16,027</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,819</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,647</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16,405</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,099</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,120</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,899</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9,325</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">78,341</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7,114)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4,777)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6,663)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9,293)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1,624)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(665)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,267)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(33,403)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,913</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,042</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,984</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,112</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,475</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,455</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,632</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,325</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>44,938</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) The additions are mainly
related to the expansion of the Voisey&rsquo;s Bay mine and the Salobo III project, Sol do Cerrado (solar energy plant) and the execution
of the Capanema project. It also includes capitalized interest. </FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(ii) The Company recognized
an impairment loss of US$882 related to NLC assets for the year ended December 31, 2021.</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 32%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">680</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(54)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">657</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">492</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(44)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">453</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">215</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(45)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">204</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">84</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">87</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">39</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Mining equipment and locomotives</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,537</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>77</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(185)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>26</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,455</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Lease liabilities are presented
in note 23.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Property, plant, and equipment are
recorded at the cost of acquisition or construction, net of accumulated depreciation and impairment charges.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Mineral properties developed internally
are determined by (i) direct and indirect costs attributed to build the mining facilities, (ii) financial charges incurred during the
construction period, (iii) depreciation of other fixed assets used during construction, (iv) estimated decommissioning and site restoration
expenses, and (v) other capitalized expenditures during the development phase (phase when the project demonstrates its economic benefit
to the Company, and the Company has ability and intention to complete the project).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The depletion of mineral properties
is determined based on the ratio between production and total proven and probable mineral reserves.</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Property, plant and equipment, other
than mineral properties are depreciated using the straight-line method based on the estimated useful lives, from the date on which the
assets become available for their intended use and are capitalized, except for land which is not depreciated.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
estimated useful lives are as follows:</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 32%; padding-right: 1.45pt; padding-left: 1.45pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 45%; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Useful life</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DD">
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Buildings</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3 to 50 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Facilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3 to 50 years</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DD">
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3 to 40 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Locomotives</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;12 to 25 years</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DD">
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Wagons</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;30 to 45 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Railway equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5 to 37 years</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DD">
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Vessels</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;20 to 25 years</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: -0.05pt; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -0.05pt; text-align: justify; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: -0.05pt; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2 to 50 years</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The residual values and useful lives
of assets are reviewed at the end of each reporting period and adjusted if necessary.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>Expenditures
and stripping costs</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(i)
Exploration and evaluation expenditures - </B></FONT>Expenditures on mining research are accounted for as operating expenses until the
effective proof of economic feasibility and commercial viability of a given field can be demonstrated. From then on, the expenditures
incurred are capitalized as mineral properties.</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(ii)
Expenditures on feasibility studies, new technologies and others research - </B></FONT>The Company also conducts feasibility studies for
many businesses which it operates including researching new technologies to optimize the mining process. After these costs are proven
to generate future benefits to the Company, the expenditures incurred are capitalized.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(iii)
Maintenance costs -</B></FONT> Significant industrial maintenance costs, including spare parts, assembly services, and others, are recorded
in property, plant and equipment and depreciated through the next programmed maintenance overhaul.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>(iv)
Stripping Costs -</B></FONT> The cost associated with the removal of overburden and other waste materials (&ldquo;stripping costs&rdquo;)
incurred during the development of mines, before production takes place, are capitalized as part of the depreciable cost of the mineral
properties. These costs are subsequently amortized over the useful life of the mine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Post-production stripping costs
are included in the cost of inventory, except when a new project is developed to permit access to a significant ore deposit. In such cases,
the cost is capitalized as a non-current asset and is amortized during the extraction of the ore deposits, over the useful life of the
ore deposits.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Leases
-</B></FONT> The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset
is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before
the commencement date. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the lease term or the end of the useful life of the right-of-use asset.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The Company does not recognize right-of-use
assets and liabilities for leases with less than 12 months of lease term and/or leases of low-value assets. The payments associated to
these leases are recognized as an expense on a straight-line basis over the lease term.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The lease liability is initially
measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Company&rsquo;s incremental borrowing rate. Lease payments included in the measurement of the lease liability
comprise: (i) fixed payments, including in-substance fixed payments; (ii) variable lease payments that depend on an index or a rate; and
(iii) the exercise price under a purchase option or renewal option that are under the Company&rsquo;s control and is reasonably certain
to be exercised.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The lease liability is measured
at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a
change in an index or rate. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Critical
accounting estimates and judgments</B></P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Mineral
reserves - </B></FONT>The estimates of proven and probable reserves are regularly evaluated and updated. These reserves are determined
using generally accepted geological estimates. The calculation of reserves requires the Company to make assumptions about expected future
conditions that are uncertain, including future ore prices, exchange rates, inflation rates, mining technology, availability of permits
and production costs. Changes in assumptions could have a significant impact on the proven and probable reserves of the Company.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The estimated volume of mineral
reserves is used as basis for the calculation of depletion of the mineral properties, and also for the estimated useful life which is
a major factor to quantify the provision for asset retirement obligation, environmental recovery of mines and impairment of long lived
asset. Any changes to the estimates of the volume of mine reserves and the useful lives of assets may have a significant impact on the
depreciation, depletion and amortization charges and assessments of impairment.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_025"></A>19.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Impairment reversal (impairment and
disposals) of non-current assets</B></FONT></TD></TR></TABLE>

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

<P STYLE="color: navy; font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; color: black">The
impairment reversal (impairment loss) recognized are presented below</FONT><FONT STYLE="font-weight: normal; color: windowtext">:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 51%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Midwestern System</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">205</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(78)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Manganese</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(35)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(76)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vale Nouvelle-Cal&eacute;donie S.A.S.&nbsp;&nbsp;(&quot;VNC&quot;)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(98)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(882)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Biopalma</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(125)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Impairment reversal (impairment) of non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>195</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(211)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,083)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Onerous contracts - Midwestern System</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">916</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Result of disposals of non-current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(197)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(225)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Result of disposals of non-current assets and other results</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(215)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(225)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Impairment reversal (impairment and disposals) of non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>773</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(426)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,308)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company tested for impairment the cash generating units
(&ldquo;CGU&rdquo;) for which a triggering event was identified and for goodwill. The recoverable amount of each CGU under the Company&rsquo;s
impairment test was assessed using the fair value less costs of disposal model (&ldquo;FVLCD&rdquo;), through discounted cash flow techniques,
which is classified as &ldquo;level 3&rdquo; in the fair value hierarchy, taking into consideration offers and purchase agreements, if
applicable.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash flows were discounted by using a post-tax discount
rate expressed in real terms, which represents an estimate of the rate that a market participant would apply having regard to the time
value of money and the asset&rsquo;s specific risk. The Company used its weighted average cost of capital (&ldquo;WACC&rdquo;) as a starting
point for determining the discount rates, with appropriate adjustments for the risk profile of the countries in which the individual CGU
operate.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As outlined in note 2, the potential financial impacts on the
Company of climate change and the transition to a low carbon economy have been considered in the assessment of the Company&rsquo;s critical
accounting estimates, which includes indicators of impairment, such as: (i) demand for the Company&rsquo;s commodities decreasing, due
to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change; and
(ii) physical impacts related to risks resulting from increased frequency or severity of extreme weather events, and those related to
chronic risks resulting from longer-term changes in climate patterns.</P>

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Impairment recorded on the sale of
investments</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In the past few years, the Company has divested non-strategic
assets, as detailed in note 16 to these financial statements. These transactions resulted in material impacts on Vale's results, which
were recorded under &quot;Impairment reversal (impairment and disposals) of non-current assets, net&quot;, as summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Midwestern system (note 16b) &ndash;</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif">As a result of the agreement for the sale of these assets to J&amp;F, the Company recorded
a gain in the amount of US$1,121 due to the reversal of the impairment of property, plant and equipment, of which US$214 relates to the
property, plant and equipment, and US$916 is due to the onerous contract, partially offset by losses of US$9 due to working capital adjustments
at the closing of the transaction.</FONT></TD></TR></TABLE>

<P STYLE="color: #007E7A; font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Manganese (note 16e) &ndash;</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">The
Company has entered into agreements to sell its manganese assets, resulting in an impairment loss of US$10 for the year ended December
31, 2022 (2021: US$35 and 2020 US$76).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>VNC (note 16f) &ndash;</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">As
a result of the sale of this asset to Prony Resources, the Company recognized an impairment loss of US$98 for the year ended December
31, 2021 (2020: US$882). </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Biopalma (note 16i)- </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">In
November 2020, the Company concluded the sale of this asset to Brasil Bio Fuels, resulting in an impairment loss of US$125 for the year
ended December 31, 2020. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Impairment test for the goodwill and
other intangibles (note 17)</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Goodwill allocated to iron ore and pellet operations </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Carrying amount</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$1,367</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$1,278</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment testing results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Measurement of recoverable value</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">FVLCD</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">FVLCD</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6.4%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Period of cash flow projections</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2052</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2051</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Range of iron ore forecasted prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$/t 75 - 95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$/t 80 - 90</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Sensitivity of key assumptions</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">A 29% reduction in the long-term prices of all commodities or a 51% reduction in reserves would, alone, result in estimated recoverable amount equal to the carrying value of this CGU.</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">A 29% reduction in the long-term prices of all commodities or a 52% reduction in reserves would, alone, result in estimated recoverable amount equal to the carrying value of this CGU.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Goodwill allocated to nickel operations</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Carrying amount</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$1,822</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$1,930</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment testing results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognized.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Measurement of recoverable value</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">FVLCD</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">FVLCD</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.5% - 5.3%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.2% - 3.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Period of cash flow projections</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2045</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2045</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Range of nickel forecasted prices</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$/t 21,000 &ndash; 24,000</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$/t 17,000 &ndash; 19,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Sensitivity of key assumptions</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">A 23.7% reduction in the long-term prices of all commodities or an 8.4% reduction in volumes would, alone, result in estimated recoverable amount equal to the carrying value of this CGU. </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">A 27.9% reduction in the long-term prices of all commodities or an 10.1% reduction in volumes would, alone, result in estimated recoverable amount equal to the carrying value of this CGU. </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Other intangibles - Research and development
project</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Carrying amount</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$528</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$494</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment testing results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognised.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The recoverable amount of the operating segments is higher than the carrying amount and, therefore, there is no impairment to be recognised.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Measurement of recoverable value</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">FVLCD</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.4%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Period of cash flow projections</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2052</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2051</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Sensitivity of key assumptions</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 77% reduction in in processing and beneficiating iron ore volumes would, alone, result in estimated recoverable amount equal to the carrying value of this CGU.</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A 80% reduction in processing and beneficiating iron ore volumes would, alone, result in estimated recoverable amount equal to the carrying value of this CGU.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>


<!-- Field: Page; Sequence: 54 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Impairment
of non-financial assets -</B></FONT> Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount might not be recoverable. An impairment loss is recognized for the amount by which the asset&acute;s carrying
value exceeds its recoverable amount. The recoverable amount is the higher of an asset&rsquo;s fair value less costs of disposal (&ldquo;FVLCD&rdquo;)
and value in use (&ldquo;VIU&rdquo;).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">FVLCD is generally determined
as the present value of the estimated future cash flows expected to arise from the continued use of the asset from a market participant&rsquo;s
perspective, including any expansion prospects. VIU model is determined as the present value of the estimated future cash flows expected
to arise from the continued use of the asset in its present form. Value in use is determined by applying assumptions specific to the Company&rsquo;s
continued use and cannot take into account future development. These assumptions are different to those used in calculating fair value
and consequently the VIU calculation is likely to give a different result to a FVLCD calculation.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Assets that have an indefinite
useful life and are not subject to amortization, such as goodwill, are tested annually for impairment.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU). Goodwill is allocated
to Cash Generating Units or Cash Generating Units groups that are expected to benefit from the business combinations in which the goodwill
arose and are identified in accordance with the operating segment.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Non-current assets (excluding
goodwill) in which the Company recognized impairment in the past are reviewed whenever events or changes in circumstances indicate that
the impairment may no longer be applicable. In such cases, an impairment reversal will be recognized.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Onerous
Contracts -</B></FONT> For certain long-term contracts, a provision is recognized when the present value of the unavoidable cost to meet
the Company&rsquo;s obligation exceeds the economic benefits that could be received from those contracts.</P>

<DIV STYLE="border-bottom: #BFBFBF 0.5pt solid; padding-top: 31pt; padding-right: 0in; padding-bottom: 1pt">

<P STYLE="font: 10pt Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0; text-align: left; color: #00807A"><B>Critical accounting estimates and judgments</B></P>

</DIV>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Significant judgements, estimates
and assumptions are required to determine whether an impairment trigger has occurred and to prepare the Company&rsquo;s cash flows. Management
uses the budgets approved as a starting point and key assumptions are, but not limited to: (i) mineral reserves and mineral resources
measured by internal experts; (ii) costs and investments based on the best estimate of projects as supported by past performance; (iii)
sale prices consistent with projections available in reports published by industry considering the market price when appropriate; (iv)
the useful life of each cash-generating unit (ratio between production and mineral reserves); and (v) discount rates that reflect specific
risks relating to the relevant assets in each cash-generating unit.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">These assumptions are susceptible
to risks and uncertainties and may change the Company&rsquo;s projection and, therefore, may affect the recoverable value of assets.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A"><B><A NAME="a_026"></A>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt; color: #007E7A"><B>Financial and capital
risk management</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is exposed to several financial and capital risk
factors that may impact its performance and equity position. The evaluation of the exposure to financial and capital risks is performed
periodically to support decision making process regarding the risk management strategy.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company's policy&nbsp;aims at establishing a&nbsp;capital
structure that will ensure&nbsp;the continuity&nbsp;of our business&nbsp;in the long&nbsp;term.&nbsp;Within this&nbsp;perspective, the
Company&nbsp;has been able to deliver value&nbsp;to shareholders&nbsp;through&nbsp;dividend payments and capital gain,&nbsp;and at the
same&nbsp;time maintain&nbsp;a&nbsp;debt profile&nbsp;suitable for&nbsp;its activities, with&nbsp;an amortization&nbsp;well distributed&nbsp;over
the years,&nbsp;thus avoiding&nbsp;a concentration in one&nbsp;specific&nbsp;period.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Board of Directors establishes and supervises the management of financial
risks with the support of the Capital Allocation and Project Advisory Committee, which ensures that Company's financial activities are
governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's
policies and objectives.</P>

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



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company has developed its strategy through an integrated
view of the risks to which it is exposed, considering not only the risk, generated by variables traded in the financial market (market
risk) and the liquidity risk, but also the risk arising from obligations assumed by third parties to the Company (credit risk), among
others.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company uses derivative
financial instruments to protect its exposure to these market risks arising from operating, financing, and investment activities. The
financial instruments portfolio is reassessed monthly, allowing the monitoring of financial results and their impact on cash flow. The
Company applies hedge accounting to its net investment in foreign operation and nickel and palladium revenue programs.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company does not have any derivatives increasing financial
leverage beyond the nominal amount of its contracts. The Company contracts derivatives primarily for mitigation of market risks.</P>


<!-- Field: Page; Sequence: 56 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 29%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Risks</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 37%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Origin of the exposure</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Management</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Market Risk - Exchange Rate</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial instruments and other financial liabilities that are not denominated in US$</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Swap and forward operations</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Market risk - Interest rate</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and financing indexed to different interest rates including, but not limited to, LIBOR and CDI</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Swap operations </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Market risk - Product and input prices</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Volatility of commodity and input prices</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Forward operations and option contracts </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Credit Risk</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivables, derivative transactions, guarantees, advances to suppliers and financial investments</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Portfolio diversification and policies for monitoring counterparty solvency and liquidity indicators </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Liquidity risk</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Contractual or assumed obligations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Availability of revolving credit lines </FONT></TD></TR>
  </TABLE>
<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #00807A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Method and techniques for valuation
of derivatives</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The risk of the derivatives instruments is measured using the
delta-Normal parametric approach and considers that the future distribution of the risk factors and its correlations tends to present
the same statistic properties verified in the historical data. The value at risk estimate considers a 95% confidence level for a one-business
daytime horizon.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The derivative financial
instruments were evaluated using the curves and market prices that impact each instrument on the calculation dates. For the pricing options,
the Company generally uses the Black &amp; Scholes model. In this model, the fair value of the derivative is obtained as a function of
the volatility and price of the underlying asset, the exercise price of the option, the risk-free interest rate and the term to maturity
of the option. In the case of options where the result is a function of the average price of the underlying asset in a certain period
of the option&rsquo;s life, known as Asian options, the Company uses the Turnbull &amp; Wakeman model. In this model, in addition to the
factors that influence the option price in the Black &amp; Scholes model, the average price formation period is considered.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In the case of swaps, both
the present value of the paying and receiving amounts are estimated by discounting the cash flows by the interest rates in the corresponding
currencies. The fair value is obtained by the difference between the present value of the paying and receiving amounts of the swap in
the reference currency. In the case of swaps linked to Brazilian long-term interest rate (&ldquo;TJLP&rdquo;), the fair value calculation
considers the current TJLP, i.e., projections of future cash flows in reais are made considering the last TJLP disclosed.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Forward and future contracts
are priced using the futures curves of the respective underlying assets. These curves are usually obtained from the exchanges where these
assets are traded, such as the London Metals Exchange (&ldquo;LME&rdquo;), the Commodities Exchange (&ldquo;COMEX&rdquo;) or other market
price providers. When there is no price for the desired maturity, the Company uses interpolations between the available maturities.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">591</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">119</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dollar swap and forward transactions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">407</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">LIBOR swap</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.ii)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>425</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>214</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>82</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>806</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">78</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Transition Materials </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>113</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>57</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>29</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>538</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>276</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>131</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>835</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 52%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(133)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(591)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(63)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(78)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dollar swap and forward transactions</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">400</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(66)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">LIBOR swap (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.ii)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>211</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(724)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(c)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Transition Materials</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(d)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>56</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(d)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>262</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(704)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) In March 2021, the UK
Financial Conduct Authority (&ldquo;FCA&rdquo;), the financial regulator in the United Kingdom, announced the discontinuation of the LIBOR
rate for all terms in pounds, euros, Swiss francs, yen and for terms of one week and two months in dollars at the end of December 2021
and the other terms at the end of June 2023. Vale is in negotiations with some financial institutions to replace the reference interest
rate of its financial contracts from LIBOR to Secured Overnight Financing Rate (&quot;SOFR&quot;), with spread adjustments to match the
transaction costs. The Company does not expect material impacts on the cash flows of these operations.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(155)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(746)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(262)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Eurobonds swap</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dollar swap and forward operations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.i)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">628</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(160)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR swap </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(b.ii)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(159)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,147)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">127</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(134)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy Transition Materials</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>125</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,154</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(23)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,210)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007A7E 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(98)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(142)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(141)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Eurobonds swap</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(29)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Dollar swap and forward operations</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.i)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">164</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(79)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(49)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">LIBOR swap</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(b.ii)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>160</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(270)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(196)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(c)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">205</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(206)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Transition Materials</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(d)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>205</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(198)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">68</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Derivatives designated as cash flow hedge accounting</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(e)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(277)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(67)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">292</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Palladium</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20(e)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Coal</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(70)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(262)</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(132)</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>292</B></FONT></TD></TR>
 <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(83)</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(197)</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(34)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In June 2022, the Company implemented and already settle
a protection program for treasury volatility related to tender offer transaction.</P>
<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>b) Market risk - Foreign exchange and interest
rates</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company&rsquo;s cash flow is exposed to the volatility
of several currencies against the U.S. dollar. While most of our product prices are indexed to U.S. dollars, most of our costs, expenses
and investments are indexed to currencies other than the U.S. dollar, principally the Brazilian real and the Canadian dollar.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company implements hedge transactions to protect its cash
flow against the market risks that arises from its debt obligations and other liabilities &ndash; mainly currency volatility. The hedges
cover most of the debt denominated in Brazilian real. The Company uses swap and forward transactions to convert debt and financial obligations
linked to Brazilian real into U.S. dollar, with volumes, flows and settlement dates similar to those of the debt instruments and financial
obligations - or sometimes lower, subject to market liquidity conditions.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Hedging instruments with shorter tenors are renegotiated through
time, so that their final maturity matches - or becomes closer - to the debt and financial obligations final maturity. At each settlement
date, the results of the swap and forward transactions partially offset the impact of the foreign exchange rate in the Company&rsquo;s
obligations, contributing to stabilize the cash disbursements in U.S. dollar.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">To reduce cash flow volatility, swap and forward transactions
were implemented to convert into US$ the cash flows from certain liabilities denominated in R$ with interest rates linked mainly to Brazilian
Interbank Interest rate (&ldquo;CDI&rdquo;), TJLP and consumer price index (&ldquo;IPCA&rdquo;). In those swaps, the Company pays fixed
or floating rates in US$ and receives payments in R$ linked to the interest rates of the protected liabilities. The swap and forward transactions
were negotiated over-the-counter and the protected items are the cash flows from debt instruments and other liabilities linked to R$.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(461)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(51)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 6,356</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 8,142</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100.13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 1,475</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 1,906</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.80%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(37)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(37)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 814</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,192</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">TJLP +</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.05%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 204</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 320</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.44%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(133)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(591)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(98)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>31</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(25)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(20)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(88)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>IPCA vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(53)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,294</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,508</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA +</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.54%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 320</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 373</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.88%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>IPCA vs. CDI swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 769</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA +</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 1,350</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">CDI</FONT></TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(63)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(78)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>56</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(10)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(53)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">71</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">148</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">107</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 20,854</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 5,730</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.48%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 3,948</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 1,084</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Forward</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 4,342</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ 6,013</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.39</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">127</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>400</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(66)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>164</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>215</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>119</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>66</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><BR STYLE="clear: both">
</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 42%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Probable</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Scenario I&nbsp;&nbsp;&nbsp;(&#8710; of 25%)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Scenario II&nbsp;&nbsp;(&#8710; of 50%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(430)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(777)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(133)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(189)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(123)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(162)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">430</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">777</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(99)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(148)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(61)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(68)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">TJLP interest rate decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">99</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">148</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>IPCA swap vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(140)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(217)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(74)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(86)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(79)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(95)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">IPCA index decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(72)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(80)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">217</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(573)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,463)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">230</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">136</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">146</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">573</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,463</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Forward</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(253)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">62</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">48</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">253</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company has also exposure to interest rates risks over
loans and financings. The US Dollar floating rate debt in the portfolio consists mainly of loans including export pre-payments, commercial
banks and multilateral organizations loans. In general, such debt instruments are indexed to the LIBOR in US dollar.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">To reduce the cash flow volatility, swap transactions were
implemented to convert interest rate indexed to LIBOR from certain debt instruments into fixed interest rate. In those swaps, the Company
received floating rates and paid fixed rates in US$. In August 2022, this swap operations were terminated and Vale is currently in negotiations
with some financial institutions to replace the reference interest rate of its financial contracts from LIBOR to SOFR, with spread adjustments
to match the transaction costs. However, the Company has maintained its swap strategy for the remaining $150 of debt indexed to LIBOR.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>&nbsp;Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Index</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>LIBOR vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;11 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;46 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 150</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 950</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">LIBOR</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.85%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payable</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ 950</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">0.85%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;11 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;46 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario I</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario II</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>LIBOR vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ LIBOR decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: LIBOR US$ indexed debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ LIBOR decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #00807A; line-height: 115%"><B><BR STYLE="clear: both">
</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is also exposed to market risks associated with
the price volatility of commodities and inputs, especially freight and fuel costs. In line with its risk management policy, risk mitigation
strategies involving commodities are used to reduce cash flow volatility. These mitigation strategies incorporate derivative instruments,
predominantly forward, futures and options.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average strike (US$)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22,600,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">762,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">100</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">74</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Put options</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22,600,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">762,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">66</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight forwards </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,085</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">330</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13,765</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>57</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>22</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 40%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(183)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(548)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of costs linked to fuel oil prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">183</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">548</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of costs linked to maritime freight prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Brent Crude Oil -</B></FONT> To
reduce the impact of fluctuations in fuel oil prices on the hiring and availability of maritime freight and, consequently, to reduce the
Company&rsquo;s cash flow volatility, hedging operations were carried out through options contracts on Brent Crude Oil for different portions
of the exposure. The derivative transactions were traded over-the-counter and the protected item is part of the costs linked to the price
of fuel oil used on ships. The financial settlement inflows/outflows are offset by the protected items&rsquo; losses/gains.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2022, the Company extended, its brent crude oil hedge strategy
for 2023 through options contracts on Brent Crude Oil, for different portions of the exposure, in order to reduce the impact of fluctuations
in fuel oil prices on the hiring and availability of maritime freight and, consequently, to reduce the Company&rsquo;s cash flow volatility.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Freight derivative -</B></FONT>
To reduce the impact of maritime freight price volatility on the Company&rsquo;s cash flow, freight hedging transactions were implemented,
through Forward Freight Agreements (FFAs). The protected item is part of the costs linked to maritime freight spot prices. The financial
settlement inflows/outflows of the FFAs are offset by the protected items&rsquo; losses/gains due to freight price changes. The FFAs are
contracts traded over the counter and can be cleared through a Clearing House, in this case subject to margin requirements.</P>

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

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


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair
    value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average strike (US$/tons)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fixed price nickel sales protection (tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">766</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">21,214</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Hedge program for products acquisition for resale (tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">384</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,206</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28,657</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Option related to a Special Purpose Entity &ldquo;SPE&rdquo; (shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">137,751,623</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">746,667</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">729,571</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">233</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments is presented
as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 48%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario I </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario II </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Fixed price sales protection (tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of nickel revenues with fixed prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Hedge program for products acquisition for resale (tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Protected item: Part of revenues from products for resale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pellet price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(22)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Fixed price sales protection -</B></FONT>
The Company started an operational program to protect nickel sales, converting fixed price commercial contracts with customers to floating
price, therefore maintaining the Company&rsquo;s exposure to price fluctuations. The transactions usually carried out in this program
are nickel purchases for future settlement.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Hedge program for products acquisition
for resale -</B></FONT> The Company started a hedge program with forward transactions with the objective of reducing the risk of price
mismatch between the period of purchase and sale of products to third parties.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Option related to a Special Purpose
Entity &ldquo;SPE&rdquo; -</B></FONT> The Company acquired in January 2019 a call option related to shares of certain special purpose
entities, which are part of a wind farm located in Bahia, Brazil. This option was acquired in the context of the Company's signing of
electric power purchase and sale agreements with an SPE, supplied by this wind farm.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Maturity occurred in July 2022, without exercising the option.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Embedded derivative (pellet price) in natural
gas purchase agreement -</B></FONT> The Company has a natural gas purchase agreement in which the amount charged to Vale changes based
on the pricing level of the pellets sold by the Company to the market.</P>

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

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

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


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 49%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Net investments hedge</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(578)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash flow hedge (Nickel and Palladium)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(105)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Net investment hedge -</B></FONT>
The Company uses hedge accounting for foreign exchange risk arising from Vale S.A.&rsquo;s net investments in Vale International S.A.
and Vale Holding BV. With the hedge program, the Company's debt with third parties denominated in United States dollars and euros serves
as a hedge instrument for investments in these subsidiaries. In March 2021, the Company redeemed all its euro bonds (note 10). As a result,
the amount of debt designated as a hedge instrument for this investment is US$2,411 as at December 2022. As a result of the hedge program,
the impact of the exchange rate variation on the debt denominated in dollars and euros is now partially recorded in other comprehensive
income, as &ldquo;Translation adjustments&rdquo;.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notional (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value by year</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #007E7A 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average strike (US$/ton)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nickel Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Forward</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39,575</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34,929</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(277)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(26)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(277)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>28</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Palladium Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44,228</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Put options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44,228</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The sensitivity analysis of these derivative financial instruments
is presented as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Scenario I (&#8710; of 25%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Scenario II (&#8710; of 50%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nickel Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(65)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Protected item: Part of nickel revenues with fixed sales prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">65</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Cash flow hedge (Nickel)
-</B></FONT> To reduce the cash flow volatility due to nickel price fluctuations, the Company implemented the Nickel Revenue Hedge
Program in 2019. In this program, hedging operations were executed, through option contracts, to protect a portion of the projected
volume of sales at floating, highly probable realization prices, guaranteeing prices above the average unit cost of nickel
production for the protected volumes.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The contracts are traded on the London Metal Exchange or over-the-counter
market and the hedged item's P&amp;L is offset by the hedged item&rsquo;s P&amp;L due to Nickel price variation.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Cash flow hedge (Palladium)
-</B></FONT> To reduce the volatility of its future cash flows arising from changes in palladium prices, the Company implemented a Palladium
Revenue Hedging Program. Under this program, hedge operations were executed using forwards and option contracts to protect a portion of
the highly probable forecast sales at floating prices. A hedge accounting treatment is given to this program. The derivative transactions
under the program are negotiated over-the-counter and the financial settlement inflows/outflows are offset by the hedged items&rsquo;
losses/gains due to palladium price changes.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The contracts are traded on the London Metal Exchange or over-the-counter
market and the hedged item's P&amp;L is offset by the hedged item&rsquo;s P&amp;L due to Palladium price variation. In 2022, this program
was concluded.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>f) </B></FONT><B><FONT STYLE="color: #00807A">Credit
risk management</FONT></B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is exposed to credit risk that arises from trade
receivables, derivative transactions, guarantees, down payment for suppliers and cash investments. The credit risk management process
provides a framework for assessing and managing counterparties&rsquo; credit risk and for maintaining our portfolio risk at an acceptable
level.</P>

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


<!-- Field: Page; Sequence: 63 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For the commercial credit exposure, which arises from sales
to final customers, the risk management area, in accordance with the current delegation level, approves or requests the approval of credit
risk limits for each counterparty.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale attributes an internal credit risk rating for each counterparty
using its own quantitative methodology for credit risk analysis, which is based on market prices, external credit ratings and financial
information of the counterparty, as well as qualitative information regarding the counterparty&rsquo;s strategic position and history
of commercial relations.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Based on the counterparty&rsquo;s credit risk, risk mitigation
strategies may be used to manage the Company&rsquo;s credit risk. The main credit risk mitigation strategies include non-recourse sale
of receivables, insurance instruments, letters of credit, corporate and bank guarantees, mortgages, among others.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>f.i) Accounts receivable portfolio</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale has a diversified accounts receivable portfolio from a
geographical standpoint, with Asia, Europe and Brazil as the regions with more significant exposures. According to each region, different
guarantees can be used to enhance the credit quality of the receivables. Historically, the expected credit loss on the Company&rsquo;s
accounts receivable portfolio is&nbsp;immaterial (note 11).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>f.ii) Financial instruments, except for
accounts receivable</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">To manage the credit exposure arising from cash investments
and derivative instruments, credit limits are approved to each counterparty with whom the Company has credit exposure. Furthermore, the
Company controls the portfolio diversification and monitors different indicators of solvency and liquidity of the different counterparties
that were approved for trading. The carrying amount of the financial assets that represent the exposure to credit risk is presented below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 53%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">184</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">77</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,215</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,220</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">538</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">131</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,634</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,379</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 44%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Derivatives</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Derivatives</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa1</FONT></TD>
    <TD STYLE="background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">128</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">285</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Aa3</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">239</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">495</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A1</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,746</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,145</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A2</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">938</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">146</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,478</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A3</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">918</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,518</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa2</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba2 (i)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">411</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">176</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,763</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba3 (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">164</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,988</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,797</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>538</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11,905</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>131</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>g) Liquidity risk management</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The liquidity risk arises from the possibility that Vale might
not perform its obligations on due dates, as well as face difficulties to meet its cash requirements due to market liquidity constraints.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The available revolving credit facilities are intended to assist
short term liquidity management and to enable more efficiency in cash management and were provided by a syndicate of several global commercial
banks. The Company has two revolving credit facilities, in the amount of US$5,000, for which US$3,000 have maturity date in 2024 and US$2,000
in 2026. As at December 31, 2022, these lines are undrawn.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 1pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
Company uses financial instruments to hedge its exposure to certain market risks arising from operational, financing and investing activities.
Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective
hedging instruments (hedge accounting).</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">At
the beginning of the hedge operations, the Company documents the type of hedge, the relation between the hedging instrument and hedged
items, its risk management objective and strategy for undertaking hedge operations. The Company also documents, both at hedge inception
and on an ongoing basis that the hedge is expected to continue to be highly effective. The Company has elected to adopt the new general
hedge accounting model in IFRS 9 and designates certain derivatives as either:</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Cash
flow hedge -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is recognized in equity within &quot;Unrealized fair value gain (losses)&quot;. The
gain or loss relating to the ineffective portion is recognized immediately in the income statement. When a hedging instrument expires
or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that
time remains in equity and is recognized in profit or loss when the transaction is recognized in the income statement.</FONT></P>

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: navy; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal; color: windowtext">&nbsp;</FONT></P>



<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Net
investment hedge -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Hedges of net investments in foreign operations are accounted
for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognized
in equity within &quot;Cumulative translation adjustments&quot;. The gain or loss relating to the ineffective portion is recognized immediately
in the income statement. Gains and losses accumulated in equity are included in the statement of income when the foreign operation is
partially or fully disposed of or sold.</FONT></P>

<P STYLE="font: bold 10pt Vale Sans,sans-serif; color: navy; margin: 0pt 0 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="font-weight: normal; color: windowtext">&nbsp;</FONT></P>



<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; text-indent: 0in; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Derivatives
at fair value through profit or loss - </FONT><FONT STYLE="font-weight: normal; color: windowtext">Certain derivative instruments do not
qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are recognized immediately in the income
statement.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Critical
accounting estimates and judgments</B></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The fair values of financial instruments
that are not traded in active markets are determined using valuation techniques. Vale uses its own judgment to choose between the various
methods. Assumptions are based on the market conditions, at the end of the year. An analysis of the impact if actual results are different
from management's estimates is present under &ldquo;Sensitivity analysis of derivative financial instruments&rdquo;.</P>



<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 65 -->
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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_027"></A>21.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Financial assets and liabilities</B></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 23%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,736</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,736</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,721</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,721</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">61</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">61</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">184</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">184</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">342</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">342</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">111</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">111</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">538</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,781</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,319</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">703</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,211</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,914</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,274</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,184</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9,458</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,424</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,506</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>15,930</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,215</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,215</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,220</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,220</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">117</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">117</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">196</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">196</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Investments in equity securities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,292</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>196</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,495</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,337</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,363</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,566</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,380</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,953</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13,761</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,526</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>17,293</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Suppliers and contractors</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,461</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,461</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,475</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,475</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">90</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">90</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">243</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">243</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">489</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">489</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,204</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,204</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">416</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">416</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">760</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">760</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">400</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">400</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">393</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">393</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Contract liability and other advances</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">766</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">766</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">916</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">916</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,532</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>90</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,622</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,748</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>243</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,991</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">186</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">186</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">592</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">592</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans, borrowings and leases </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,223</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,223</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,578</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,578</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,725</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,725</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,419</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,419</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,554</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,554</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,437</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,437</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Financial guarantees </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">103</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">103</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">542</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">542</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14,777</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,014</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>17,791</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14,015</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,553</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>18,568</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>21,309</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,104</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>24,413</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>20,763</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,796</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>25,559</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">184</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>184</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">538</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>538</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">118</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>131</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,781</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,781</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,211</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,211</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,319</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,387</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>190</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,329</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,532</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">276</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>276</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">835</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>835</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,725</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,419</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,419</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>103</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">542</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>542</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,104</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,104</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,796</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,796</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Derivative financial instruments</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 58%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;Gain and losses recognized in income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Loans and borrowings are
recorded at their contractual values. To determine the market values of these financial instruments traded in public markets, the closing
market quotations on the balance sheet dates were used. The Company considers that for the other financial liabilities measured at amortized
cost, their book values are close to their fair values and therefore information on their fair values is not being presented.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 44%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Fair value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><I>&nbsp;Bonds</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,157</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,253</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,448</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9,151</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><I>Debentures</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">233</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">225</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">387</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">387</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">278</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">278</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">354</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">449</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to LIBOR</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,266</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,391</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,615</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,231</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">87</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">89</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">91</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">117</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,034</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,249</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,022</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>13,400</B></FONT></TD></TR>
  </TABLE>
<DIV STYLE="border-bottom: #BFBFBF 0.5pt solid; margin-right: -0.05pt; margin-left: 0in; padding-top: 31pt; padding-right: 31pt; padding-bottom: 1pt">

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left; color: #007E7A"><B>Accounting policy</B></P>

</DIV>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Classification
and measurement -</B></FONT> The Company classifies financial instruments based on its business model for managing the assets and the
contractual cash flow characteristics of those assets. The business model test determines the classification based on the business purpose
for holding the asset and whether the contractual cash flows represent only payments of principal and interest.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Financial instruments are measured
at fair value through profit or loss (&ldquo;FVTPL&rdquo;) unless certain conditions are met that permit measurement at fair value through
other comprehensive income (&ldquo;FVOCI&rdquo;) or amortized cost. Gains and losses recorded in other comprehensive income for debt instruments
are recognized in profit or loss only on disposal.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Investments in equity instruments
are measured at FVTPL unless they are eligible to be measured at FVOCI, whose gains and losses are never recycled to profit or loss.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">All financial liabilities are initially
measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using the effective
interest rate method. Excepts for Participative shareholders&rsquo; debentures and Derivative financial instruments that are measured
at FVTPL.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Fair
value hierarchy -</B></FONT> The Company classifies financial instruments within the fair value hierarchy as:</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Level 1: The fair value of financial
instruments traded in active markets (e.g. derivatives and publicly traded shares) is based on quoted market prices at the end of the
financial statements period.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Level 2: The fair value of financial
instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that
maximize the use of observable market data. If all significant data required for the fair value of an instrument are observable, the instrument
is included in level 2.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Level 3: If one or more of the significant
data are not based on observable market data, the instrument is included in level 3. The fair value of derivatives classified as level
3 is estimated using discounted cash flows and option valuation models with unobservable inputs of discount rates, stock prices and commodity
prices.</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_028"></A>22.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Participative shareholders&rsquo;
debentures</B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Holders of participative shareholders&rsquo; debentures have
the right to receive semi-annual payments equal to an agreed percentage of revenues less value-added tax, transport fee and insurance
expenses related to the trading of the products, derived from these mineral resources.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The effects on the statement of income and on the balance sheet
are shown below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average price (R$)</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial income </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average price (R$)</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial expense</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average price (R$)</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial expense</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participative shareholders&rsquo; debentures </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36.59</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">659</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,725</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49.10</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(716)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,419</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45.65</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,565)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,413</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company made available for withdrawal as remuneration the
following amounts, as disclosed on the &ldquo;Shareholders&rsquo; debentures report&rdquo; available on the Company&rsquo;s website, which
were not incorporated by reference:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Availability date</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Remuneration amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the first half of 2022</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">October 3, 2022</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">137</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the second half of 2021</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">April 1, 2022</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">234</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>371</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the first half of 2021</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">October 1, 2021</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">225</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the second half of 2020</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">April 1, 2021</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">193</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>418</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the first half of 2020</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">October 1, 2020</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">79</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Remuneration for the second half of 2019</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">April 1, 2020</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">104</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>183</B></FONT></TD></TR>
  </TABLE>
<DIV STYLE="border-bottom: #BFBFBF 0.5pt solid; margin-right: -0.05pt; margin-left: 0in; padding-top: 31pt; padding-right: 31pt; padding-bottom: 1pt">

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

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

</DIV>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The participative shareholders&rsquo;
debentures are measured at fair value through profit or loss based on the market approach, representing the amount that would be paid
for the acquisition of these securities on the measurement date and, therefore, also implicitly includes the remuneration to the debenture
holder. To calculate the fair value of the liabilities, the Company uses the weighted average price of the secondary market trades in
the last month of period.</P>

<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_029"></A>23.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Loans, borrowings, leases, cash and
cash equivalents and short-term investments</B></FONT></TD></TR></TABLE>

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

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

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

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

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

<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Debt contracts</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11,181</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12,180</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 58%; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,531</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,602</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of loans, borrowings and leases</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12,712</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,782</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,736</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(-) Short-term investments (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">184</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,915</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,877</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Substantially comprises investments in exclusive investment fund, whose
portfolio is composed of committed transactions and Financial Treasury Bills (&ldquo;LFTs&rdquo;), which are floating-rate securities
issued by the Brazilian government.</P>

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

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

<P STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Cash and cash equivalents</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,770</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,714</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,798</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,769</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">168</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">238</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,736</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,721</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Loans, borrowings, and leases</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><I>US$, Bonds</I></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6.00%</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,157</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,448</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><I>R$, Debentures (ii)</I></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10.09%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">186</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">186</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">201</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in (iii):</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10.62%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">232</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">259</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.04%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to LIBOR</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2.32%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5.03%</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">479</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,212</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,136</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.10%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.59%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">78</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">95</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">147</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>307</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,030</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,874</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) In order to determine the average interest rate for debt
contracts with floating rates, the Company used the rate applicable at December 31, 2022.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 51%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Estimated future </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>interest payments (i)</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">160</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">674</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2024</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">611</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">662</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">452</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">637</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2026</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">847</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">609</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2027</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,696</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">501</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Between 2028 and 2030</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,825</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,267</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2031 onwards</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,443</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,056</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11,034</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,406</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 23%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications </B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Payments (i)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Interest</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Transfer to liabilities held for sale</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">713</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(69)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(17)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">690</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">489</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(63)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">441</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">225</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(47)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">222</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">103</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">105</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Mining equipment and locomotives</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,602</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>77</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(224)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>65</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(17)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>28</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,531</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">174</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">182</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,428</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,349</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,602</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,531</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The total amount of the variable lease payments not included
in the measurement of lease liabilities, which have been recognized straight to the income statement, for the year ended December 31,
2022, 2021 and 2020 was US$367, US$395 and US$63, respectively.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 20%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2026</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2027 onwards</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average remaining term (years)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">700</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">950</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 20</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3% to 5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">292</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">527</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3% to 4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">255</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2% to 5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">121</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1 to 5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>229</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>205</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>191</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>145</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,172</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,942</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Loans and borrowings are initially
measured at fair value, net of transaction costs incurred and are subsequently carried at amortized cost and updated using the effective
interest rate method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the Income
statement over the period of the loan, using the effective interest rate method. The fees paid in obtaining the loan are recognized as
transaction costs. The Company contracts derivatives to protect its exposure to changes in debt cash flows, changing the average cost
of debts that have hedge derivatives contracted.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Loans and borrowing costs are capitalized
as part of property, plants and equipment if those costs are directly related to a qualified asset. The capitalization occurs until the
qualified asset is ready for its intended use. In 2022, 7% (2021: 9%) of total interest incurred was capitalized (note 6). Borrowing costs
that are not capitalized are recognized in the income statement in the period in which they are incurred.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The accounting policy applied to
lease liabilities is disclosed in note 18.</P>

<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

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

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

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


<!-- Field: Page; Sequence: 70 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_030"></A>24.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Brumadinho dam failure</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In January 2019, a tailings dam (&ldquo;Dam I&rdquo;) experienced
a failure at the C&oacute;rrego do Feij&atilde;o mine, in the city of Brumadinho, state of Minas Gerais. The failure released a flow of
tailings debris, destroying some of Vale&rsquo;s facilities, affecting local communities and disturbing the environment. The tailings
released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho (&ldquo;event&rdquo;)
resulted in 270 fatalities or presumed fatalities, including 3 victims still missing, and caused extensive property and environmental
damage in the region.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On February 4, 2021, the Company entered into a Judicial Settlement
for Integral Reparation (&ldquo;Global Settlement&rdquo;), which was under negotiations since 2019, with the State of Minas Gerais, the
Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors Offices, to repair the environmental
and social damage resulting from the Dam I rupture. The Global Settlement was ratified by the Minas Gerais State Court on February 4,
2021, and the res judicata was drawn up on April 7, 2021.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of the dam failure, the Company has been recognizing
provisions to meet its assumed obligations, including indemnification to those affected by the event, remediation of the impacted areas
and compensation to the society, as shown below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 34%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Operating</B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>expense</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Monetary and present value adjustments </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Disbursements </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Global Settlement for Brumadinho</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payment obligations</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,427</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">113</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(795)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">137</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">882</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for socio-economic reparation and others</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">852</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(72)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">84</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">867</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for social and environmental reparation </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">705</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(37)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">50</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">777</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,984</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>175</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(904)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>271</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,526</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Commitments</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tailings containment and geotechnical safety</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">318</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">303</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(80)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">559</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Individual indemnification</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">115</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(74)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">45</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other commitments </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">120</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">97</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(35)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">182</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>553</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>400</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(10)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(189)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>32</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>786</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,537</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>400</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>165</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(1,093)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>303</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,312</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liability</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,156</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">944</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liability</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,381</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,368</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,537</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,312</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Discount rate in nominal terms</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8.08%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>9.08%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The Company has incurred expenses, which have been recognized
straight to the income statement, in relation to tailings management, humanitarian assistance, payroll, legal services, water supply,
among others. In 2022, the Company incurred expenses in the amount of US$620 (2021: US$650).</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>b) Provision for individual indemnification
and other commitments </B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company is also working to ensure geotechnical safety
of the remaining structures at the C&oacute;rrego do Feij&atilde;o mine, in Brumadinho, and the removal and proper disposal of the tailings
of Dam I, including dredging part of the released material and de-sanding from the channel of the river Paraopeba.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">For the individual indemnification, Vale and the Public
Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the Brumadinho&rsquo;s
dam failure may join an individual or family group out-of-Court settlement agreements for the indemnification of material, economic and
moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were defined according to the
best practices and case law of Brazilian Courts, following rules and principles of the United Nations.</P>

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Public civil actions brought by the State
of Minas Gerais and state public prosecutors for damages resulting from the failure of Dam I</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Collective Labor Civil Action</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2021, public civil actions were filed with Labor Court of
Betim in the State of Minas Gerais, by a workers' unions claiming the compensation for death damages to own and outsourced employees,
who died as a result of the failure of Dam I. Initial decisions sentenced Vale to pay US$192 thousand (R$1 million) per fatality. Vale
is defending itself in the lawsuits and considers that the likelihood of loss is possible.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>U.S. Securities class action suit</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The likelihood of loss of these proceedings is considered possible.
However, considering the initial phase of this class action, it is not yet possible to reliably estimate the amount of a potential loss.
The amount of damages sought in these claims is unspecified.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Arbitration proceedings filed
by minority shareholders and a class association</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In the six proceedings, the claimants argue that Vale was aware
of the risks associated with the dam and failed to disclose it to its shareholders. Based on such argument, they claim compensation for
losses caused by the decrease in share price.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In one of the proceedings filed by foreign funds, the Claimants
initially estimated the amount of the alleged losses would be approximately US$345 (R$1,800 million). In another proceeding filed by foreign
funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$747 (R$3,900 million). The Company
disagrees with the ongoing proceedings and understands that, in this case and at the current stage of the proceedings, the probability
of loss in the amount claimed by the foreign funds is remote.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Securities and Exchange Commission (&ldquo;SEC&rdquo;)
and investigations conducted by the CVM</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On April 28, 2022, SEC filed a suit against Vale alleging violations
of U.S. securities laws due to Vale&rsquo;s disclosures about its dam safety management, including the dam in Brumadinho. The SEC is seeking
the imposition of civil monetary penalties, disgorgement and other relief within the SEC&rsquo;s authority in a lawsuit filed in a federal
court. Vale believes that its disclosures did not violate U.S. law and is contesting such allegations. On September 29, 2022, Vale served
the SEC with its motion to dismiss the claim. The SEC&rsquo;s deadline to serve Vale with its Opposition to the motion to dismiss is currently
ongoing.</P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Criminal proceedings and investigations</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In January 2020, the State Prosecutors of Minas Gerais
(&ldquo;MPMG&rdquo;) filed criminal charges against 16 individuals (including former executive officers of Vale and former employees)
for a number of potential crimes, including homicide, and against Vale S.A. for alleged environmental crimes.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In November 2021, the Brazilian Federal Police concluded
the investigation on potential criminal responsibility related with the Brumadinho dam failure and the final report sent to the Federal
Public Prosecutors (&ldquo;MPF&rdquo;).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">In January 2023 (subsequent event), after the Federal Supreme Court recognized the
competence of the Federal Court, the MPF ratified the complaint presented by MPMG, which was received by the competent authority. The
MPF and the Brazilian Federal Police conducted a separate investigation into the causes of the dam failure in Brumadinho, which may result
in new criminal proceedings. Vale is defending itself against the criminal claims and is not possible to estimate when a decision will
be issued. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate
the amount of a potential loss to Vale.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Decision of the Brazilian Office of the
Comptroller General of the Union (&ldquo;CGU&rdquo;) </B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In October 2020, the CGU notified the Company about an administrative
proceeding prosecution based on the same allegations mentioned above under the Brazilian Law 12,846/2013 in connection with inspection
and monitoring activities related to the Brumadinho dam. In August 2022, the CGU concluded that Vale has failed to present reliable information
to the Brazilian National Mining Agency (&ldquo;ANM&rdquo;), as once a positive stability condition statement (&ldquo;DCE&rdquo;) was
issued for the Dam I, where it should be negative in the view of the CGU. Thus, even recognizing the non-existence of corruption acts
or practices, the CGU fined Vale US$16 (R$86 million), which is the minimum amount established by law, i.e., the CGU recognizes the non-involvement
or tolerance of the Company&rsquo;s top management. Vale has submitted a request for reconsideration and considers the likelihood of loss
for this amount is possible.</P>

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Critical
accounting estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The provision for social, economic
and environmental reparation may be affected by factors including, but not limited to: (i) changes in the current estimated market price
of the direct and indirect cost related to products and services, (ii) changes in timing for cash outflows, (iii) changes in the technology
considered in measuring the provision, (iv) number of individuals entitled to the indemnification payments, (v) resolution of existing
and potential legal claims, (vi) demographic assumptions, (vii) actuarial assumptions, and (viii) updates in the discount rate.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Thus, the amounts actually incurred
by the Company may differ from the amounts currently provisioned, due to the confirmation of the assumptions used and which depend on
several factors, some of which are not under the Company's control. These changes could result in a material impact on the amount of the
provision in future periods. At each presentation date of its financial statements, the Company
will reassess the main assumptions used in the preparation of projected cash flows and will adjust the provision, when applicable.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #F2F2F2"></P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; color: #007A7E"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007A7E"><B><A NAME="a_031"></A>25.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt; color: #007E7A"><B>Liabilities related
to associates and joint ventures</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><FONT STYLE="background-color: white"><B>a)
Samarco dam failure</B></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Samarco began to gradually recommence operations in December
2020, however, there remains significant uncertainty regarding Samarco&rsquo;s long-term cash flow generation.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Changes on the provisions in the year</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 37%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Income statement</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Monetary and present value adjustments </B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Disbursements</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Translation adjustments</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Renova Foundation reparation and compensation programs</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,910</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">110</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">199</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,124</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">De-characterization of the Germano dam</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">202</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">197</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;3,112 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;89 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;244 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;(338)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;214 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;3,321 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,785</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,911</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,327</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,410</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;3,112 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;3,321 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate in nominal terms</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.48% - 8.79%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.20% - 9.51%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Renova Foundation</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In 2022 new court decisions were issued on individual compensation
for the residents of the towns impacted by the dam failure, impacting the provisioning related to the Renova Foundation. These decisions
mainly altered and expanded the number of types of damage, categories and amounts that can be compensated to the impacted towns. The increase
in the provision is substantially a result of these judicial decisions.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: #007E7A"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Germano Dam </FONT></B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition to the Fund&atilde;o tailings dam, Samarco owns
the Germano dam, which was also built under the upstream method and has been inactive since the Fund&atilde;o dam failure. Due to the
safety requirements set by the Brazilian National Mining Agency (&ldquo;ANM&rdquo;), Samarco prepared a project for the de-characterization
of this dam, resulting in a provision for the de-characterization of the Germano tailings dam.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>e)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Samarco&rsquo;s working capital</B></FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 74 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition to the provision, Vale made available the amount
of US$21 for the year ended December 31, 2021 which was fully used to fund Samarco&rsquo;s working capital and recognized in Vale&acute;s
income statement as an expense in &ldquo;Equity results and other results in associates and joint ventures&rdquo;. In 2022, Vale was not
required to fund Samarco&rsquo;s working capital.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>f)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Insurance</B></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>g)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: teal"><B>Judicial recovery of
Samarco</B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, the ongoing discussions in the context of the
JR may lead to the loss of deductibility of part of the expenses incurred with the Renova Foundation and of the deferred taxes over the
total provision, depending on the method determined for restructuring Samarco's debts. As at December 31, 2022, the exposure is US$1,620,
of which US$571 are expenses already incurred and considered as part of the Company&rsquo;s uncertain tax positions (note 8).</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>h)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Contingencies related to Samarco accident</B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Public Civil Action filed by the Federal
Government and others and public civil action filed by the Federal Public Ministry (&quot;MPF&quot;)</B></P>

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>United Kingdom contribution claim</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">As a result of the rupture of Samarco&rsquo;s Fund&atilde;o
dam failure, BHP Group Ltd (&ldquo;BHP&rdquo;) was named as defendant in group action claims for damages filed in the courts of England
and Wales (The &ldquo;UK Claim&rdquo;). The UK Claim includes only BHP and was filed on behalf of certain individuals and municipalities
in Brazil only against BHP, for the allegedly damages caused by the Fund&atilde;o dam failure.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">In December 2022, BHP filed a contribution claim against
Vale, requesting the Company to be responsible for the indemnification payments in the proportion to its interest held in Samarco. The
Company believes that it is not subject to the jurisdiction of the English Court and it does not have any contractual obligation in relation
to this matter, therefore, the Company has assessed the risk of loss as remote.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Summarized financial information</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The summarized financial information of Samarco are as follows.
The stand-alone financial statements of Samarco may differ from the financial information reported herein, which is prepared considering
Vale&rsquo;s accounting policies.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 62%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">454</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">561</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,748</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,921</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,202</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,482</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,808</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10,902</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,401</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,040</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,209</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,942</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Negative reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(15,007)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(14,460)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income (loss) for the year ended</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3,208)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Following the recent decision of the STF, as detailed in note 8(e), the Company
expects that Samarco will also recognize a material liability in its financial statements and, therefore, it may impact Samarco&rsquo;s
ability to meet its cash obligations in the future. However, as described in its accounting policy, the Company does not have an obligation
to provide funding to Samarco and it did not record a provision accordingly. Moreover, the Company already has a provision related to
Renova Foundation and this matter does not have any impact in the existing provision recorded by Vale as at December 31, 2022.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Critical
accounting estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Under Brazilian legislation and
the terms of the joint venture agreement, the Company does not have an obligation to provide funding to Samarco. Accordingly, the Company&rsquo;s
investment in Samarco was fully impaired and no provision was recognized in relation to the Samarco&rsquo;s negative equity.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The provision related to Renova
Foundation requires the use of assumptions that may be mainly affected by: (i) changes in scope of work required under the Framework Agreement
as a result of further technical analysis and the ongoing negotiations with the Federal Prosecution Office, (ii) activity level of Samarco&acute;s
operations; (iii) updates of the discount rate; and (iv) resolution of existing and potential legal claims.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Moreover, the main critical assumptions
and estimates applied in the Germano dam provision considers, among others: (i) volume of the waste to be removed based on historical
data available and interpretation of the enacted laws and regulations; (ii) location availability for the tailings disposal; and (iii)
acceptance by the authorities of the proposed engineering methods and solution.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">As a result, future expenditures
may differ from the amounts currently provided and changes to key assumptions could result in a material impact to the amount of the provision
in future reporting periods. At each reporting period, the Company reassess the key assumptions used by Samarco in the preparation of
the projected cash flows and adjust the provision, if required.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_032"></A>26.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Provision for de-characterization
of dam structures and asset retirement obligations</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Company is subject to local laws and regulations, that
requires the decommissioning of the assets and mine sites that Vale operates at the end of their useful lives, therefore, expenses for
demobilization occur predominantly after the end of operational activities. Depending on the geotechnical characteristics of the structures,
the Company is required to de-characterize the structures, as shown in item a) below.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Laws and regulations related to dam safety</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Thus, in February 2022, the Company filed with the relevant
bodies a request for an extension to perform the projects and, as a result, signed a Term of Commitment establishing legal and technical
certainty for the process of de-characterization of the upstream dams, considering that the deadline defined was technically unfeasible,
especially due to the necessary actions to increase safety during the works. With the signing of the agreement, the Company recorded an
additional provision of US$37 (R$192 million) to make investments in social and environmental projects over a period of 8 years.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0">In December 2022,
the Federal Government published decree no. 11,310, which regulates dispositions of the National Dam Safety Policy, regulates dam supervision
activities, establishes the competence to regulate the extension of the self-rescue zone for authorities acting in dam emergency situations,
and presents guidelines on technical reports regarding the causes of a breach and other aspects of management of geotechnical structures.
This decree also determined that companies must present guarantees for dams in an alert situation, however, the measures for measuring
and executing these guarantees are still being discussed by the responsible public agencies and may result in a material impact on the
value of the provision in future periods.</P>

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

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



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">As a result of the Brumadinho dam failure (note 24) and, in compliance with
Law 14.066, the Company has decided to speed up the plan to &ldquo;de-characterize&rdquo; of all its tailings dams built under the upstream
method, certain &ldquo;centerline structures&rdquo; and dikes, located in Brazil. The Company also operates tailings dams in Canada, including
upstream compacted dams. However, the Company decided that these dams will be decommissioned using other methods, thus, the provision
to carry out the decommissioning of dams in Canada is recognized as &ldquo;Obligations for decommissioning assets and environmental obligations&rdquo;,
as presented in item (b) below.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">These structures are in different stages of maturity, some
of them still in the conceptual engineering phase, for which the estimate of expenditures includes in its methodology a high degree of
uncertainty in the definition of the total cost of the project in accordance with best market practices.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The cash flow for de-characterization projects are estimated
for a period up to 13 years and were discounted at present value at a rate, which increased from 5.48% to 6.14%. Changes in the provisions
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 69%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,523</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,289</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additional provision</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,725</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(349)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(338)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value valuation</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(121)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(36)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">253</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(117)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at December 31,</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,378</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,523</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">357</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">451</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,021</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,072</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,378</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,523</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0; color: #00807A"><B>Evacuation
of communities</B></P>


<!-- Field: Page; Sequence: 78 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0">In December 2022, Vale entered into an
agreement to extinguish the Public Civil Action of the Nova Lima dam (B3/B4) in the amount of US$96 (R$500 million), part of which had
already been registered by the Company in previous periods. Thus, the Company recorded an additional provision in the amount of US$57
(R$292 million) for the year ended December 31, 2022.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0">Additionally, the Company is defending
itself in two public civil actions filed by the Public Prosecutor's Office of the State of Minas Gerais claiming injunctions and socio-economic
damages arising from the evacuations of communities located within the self-rescue zones of the dams located in Ouro Preto (Doutor) and
Bar&atilde;o de Cocais (Sul Superior). The Company assessed that the risk of loss is possible and, at this moment, it is not possible
to reliably estimate the amount of a possible loss for the Company.</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Operational stoppage and idle capacity</P>

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



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition, due to the de-characterization projects, the
Company has suspended some operations due to judicial decisions or technical analysis performed by Vale on its upstream dam structures
located in Brazil. The Company has been recording losses in relation to the operational stoppage and idle capacity of the Iron Solutions
segment in the amounts of US$269 and US$376 for the year ended December 31, 2022 and 2021, respectively. The Company is working on legal
and technical measures to resume all operations at full capacity.<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cash flow maturity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,788</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,398</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6.20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5.48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2096</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2119</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,683</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,727</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1.11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">0.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2148</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2151</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">114</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.90%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3.03%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2035</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2035</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indonesia</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.33%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4.20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2061</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2061</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other regions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">145</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">255</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1.84% - 2.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">0.00% &ndash; 0.57%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,803</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Provision changes during the year</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Environmental </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>obligations</B></P></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Environmental </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>obligations</B></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,220</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>302</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,522</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Adjustment to present value</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">110</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">129</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(101)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(127)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(88)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(145)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Revisions on projected cash flows (i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(646)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(600)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">178</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">227</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(49)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(51)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(50)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(50)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(41)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(87)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(16)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(103)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December, 31</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,466</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>337</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,803</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">210</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">94</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">304</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">72</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">98</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">170</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,256</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">243</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,499</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,211</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">199</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,410</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,466</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>337</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,803</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Among other factors, includes the reduction in liability of US$870, due
to the update in the discount rate of the asset retirement obligation in Canada, which increased from 0.00% to 1.11% for the year ended
December 31, 2022.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin-right: 0; margin-left: 0; color: #007E7A"><B>Decommissioning plan and future use</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0">The Company is subject to regulations,
which provide for the obligation to decommission the assets that Vale operates at the end of their useful life. These obligations are
regulated by the ANM at the federal level and by environmental agencies at the state level. Among the requirements, the decommissioning
plans must consider the physical, chemical and biological stability of the areas and post-closure actions for the period necessary to
verify the effectiveness of the decommissioning. These obligations are accrued and are subject to critical estimates and assumptions applied
to the measurement of costs by the Company.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; text-align: justify; margin-right: 0; margin-left: 0">In addition, the implementation and execution
of future use projects, after the decommissioning, is not required by law. However, the Company has been studying a governance to assess
the future use, considering its aptitudes, post-operational usage intention, socio-economic development of the community and the characteristics
of the physical and biotic environments in which Vale operates. &nbsp;Any future commitments, if assumed by Vale, may result in material
impact on the amount of the provision.</P>


<!-- Field: Page; Sequence: 79 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Critical
accounting estimates and judgments</B></P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>De-characterization
of dam structures -</B></FONT> The main critical assumptions and estimates applied in the de-characterization provision considers, among
others: (i) volume of the waste to be removed based on historical data available and interpretation of the enacted laws and regulations;
(ii) location availability for the tailings disposal; (iii) engineering methods and solutions; (iv) security levels; (v) productivity
of the equipment used; (vi) advances in geological studies and new hydrological information; and (vii) discount rate update</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Therefore, future expenditures
may differ from the amounts currently provided because the realized assumptions and various other factors are not always under the Company&rsquo;s
control. These changes to key assumptions could result in a material impact to the amount of the provision in future reporting periods.
At each reporting period, the Company will reassess the key assumptions used in the preparation of the projected cash flows and will adjust
the provision, if required.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: teal"><B>Asset
retirement obligations -</B></FONT> When the provision is recognized, the corresponding cost is capitalized as part of property, plant
and equipment and it is depreciated over the useful life of the related mining asset.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">The long-term liability is
discounted at presented value using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the liability and the unwinds are recorded in the income statement and is reduced by payments for mine closure and decommissioning
of mining assets. The accrued amounts of these obligations are not deducted from the potential costs covered by insurance or indemnities.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>



<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">Judgment is required to determine
key assumptions used on the asset retirement obligation measurement such as, interest rate, cost of closure, useful life of the mining
asset considering the current conditions of closure and the projected date of depletion of each mine. Any changes in these assumptions
may significantly impact the recorded provision. Therefore, the estimated costs for closure of the mining assets are deemed to be a critical
accounting estimate and annually reviewed.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_033"></A>27.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Provisions</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 42%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Provisions for litigation </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">93</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,186</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,012</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employee post retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">99</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,260</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,533</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payroll, related charges and other remunerations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">864</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">816</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Onerous contracts </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">874</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,036</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,045</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,446</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,419</B></FONT></TD></TR>
  </TABLE>

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

<DIV STYLE="border-bottom: #BFBFBF 0.5pt solid; margin-right: -0.05pt; margin-left: 0in; padding-top: 31pt; padding-right: 31pt; padding-bottom: 1pt">

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

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

</DIV>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">The long-term liability is discounted
at presented value using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to
the liability and the unwinds are recorded in the income statement and is reduced by payments. The accrued amounts of these obligations
are not deducted from the potential costs covered by insurance or indemnities.</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"><A NAME="a_034"></A></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>28.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Litigations</B></FONT></TD></TR></TABLE>

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 80 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Tax litigations
-</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Mainly refers to the lawsuit filed in 2011 by Valepar (merged by Vale) seeking
the right to exclude the amount of dividends received in the form of interest on capital (&ldquo;JCP&rdquo;) from the PIS and COFINS tax
base. The amount reserved for this proceeding as at December 31, 2022 is US$498 (2021: US$402). This proceeding is fully guaranteed by
a judicial deposit. </FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The lawsuits related to Brumadinho
event (note 24) and the Samarco dam failure (note 25) are presented in its specific notes to these financial statements and, therefore,
are not disclosed below.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>260</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,091</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">98</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(94)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">87</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of NLC </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Discontinued operations - Coal </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(33)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(77)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>358</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,105</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">93</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">442</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">262</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">302</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,012</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>358</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,105</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">40</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">67</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">153</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(164)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">89</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">134</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(10)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">74</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>411</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,292</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">65</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">106</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">558</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">270</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">346</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,186</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>411</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,292</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,590</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,177</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Civil litigations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,270</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,503</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">569</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">516</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,102</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">954</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,531</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The main contingent liabilities, updated by applicable interest
rates, for which the likelihood of loss is considered possible are presented by nature as follows:</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B><I>Tax proceedings (&ldquo;CFEM&rdquo;)
- </I></B></FONT>The Company is engaged in numerous administrative and judicial proceedings related to the mining royalty known as CFEM.
These proceedings arise out of a large number of assessments by the Brazilian National Mining Agency (&ldquo;<I>Ag&ecirc;ncia Nacional
de Minera&ccedil;&atilde;o</I> &ndash; ANM&rdquo;, former &ldquo;DNPM&rdquo;), which main discussions involve the deduction of insurance
and transportation costs indicated in the corresponding invoice payment of royalties on pellet sales and CFEM charges on the revenues
provided by our subsidiaries abroad. The Company estimates the possible losses resulting from these proceedings to be US$1,831 (R$9,555
million) as at December 31, 2022 (2021: US$1,594 (R$8,893 million)).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B><I>Tax proceedings - PIS/COFINS
- </I></B></FONT>The Company is a party to several collections related to the alleged improper use of PIS and COFINS credits (federal
taxes levied on the companies' gross revenue). Brazilian tax legislation authorizes taxpayers to use PIS and COFINS tax credits, such
as those referring to the acquisition of inputs for the production process and other items. The tax authorities mainly claim that (i) some credits were not related to the
production process, and (ii) the right to use the tax credits was not adequately proven. The Company is discussing the aforementioned
charges related to credits determined as at 2002. The chances of loss related to these lawsuits classified as possible total US$1,720
(R$8,975 million) as at December 31, 2022 (2021: US$1,016 (R$5,667 million)).</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B><I>Tax proceedings - Tax on Services
(&ldquo;ISS&rdquo;) - </I></B></FONT>The Company is party to a number of administrative and judicial proceedings related to the collection
of ISS in several Brazilian municipalities. The tax authorities&rsquo; main allegations for those proceedings are: (i) the tax basis used
for computing the tax payable was incorrect; (ii) failure to pay ISS related to third parties asset management services; and (iii) the
incidence of ISS over own goods port handling services (&ldquo;self-service&rdquo;). As at December 31, 2022, the total amount of the
possible loss is US$626 (R$3,268 million) (2021: US$526 (R$2,935 million)).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B><I>Tax proceedings - Value added
tax on services and circulation of goods (&ldquo;ICMS&rdquo;) - </I></B></FONT>Vale is engaged in several administrative and court proceedings
relating to additional charges of ICMS by the tax authorities of different Brazilian states. In each of these proceedings, the tax authorities
claim that (i) use of undue tax credit; (ii) failing to comply with certain accessory obligations; (iii) the Company is required to pay
the ICMS on acquisition of electricity (iv) operations related to the collection of tax rate differential (&ldquo;DIFAL&rdquo;) and (v)
incidence of ICMS on its own transportation. The total amount classified as a possible loss is US$558 (R$2,910 million) as at December
31, 2022 (2021: US$524 (R$2,923 million)).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B><I>Tax proceedings - Fines arising
from offsets not approved for settlement of federal debts - </I></B></FONT>Vale is a party to several assessments by the Brazilian Federal
Revenue Service (&ldquo;RFB&rdquo;) referring to the imposition of fines of 50% on the value of compensation not approved for the settlement
of federal debts. The RFB understands that these offsets were made with undue credits. The Company contests the aforementioned fines and
also the non-approval of compensation in other proceedings. If the Company is successful in the proceedings in which the non-approval
of the compensation is being discussed, the expectation is that the corresponding collection of fines will be cancelled. The constitutionality
of the fine collection is discussed by another company in a leading case before the STF, and a favorable decision in this case will be
applicable to all taxpayers who dispute this thesis. As at December 31, 2022, the total amount of fines imposed was US$524 (R$2,735 million)
(2021: US$287 (R$1,604 million)).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B><I>Civil proceedings - Environmental
licensing of the Company's operations in the State of Par&aacute;, Brazil- </I></B></FONT>The Company is a party to several civil proceedings,
which are not individually material. Among these processes, the Company is engaged on public civil actions brought by associations representing
the Kayap&oacute; and Xikrin indigenous communities, in the state of Par&aacute;, which seek to suspend the Company&rsquo;s environmental
licenses for On&ccedil;a Puma (nickel), Salobo (copper) and S11D (iron ore). Those associations claim, among other things, that during
the environmental licensing process, the Company did not perform appropriate studies on the impacts from those operations over the surrounding
indigenous communities, which were ordinarily processed and approved by the competent licensing bodies.</P>

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



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In 2022, the Company entered into an indemnity agreement with the indigenous
communities Xikrin do Catet&eacute; and Kayap&oacute; (note 2), for social and economic compensation. However, the Company is still defending
itself against the environmental claims, which likelihood of loss is deemed as possible, however, it is not yet possible to estimate the
amount of a potential loss due to the interruption of these operations or any potential agreement to mitigate and compensate.&nbsp;</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><I>Civil proceedings&ndash;
Environmental licensing of the Company's operations in the States of Minas Gerais and Esp&iacute;rito Santo, Brazil - </I></FONT><FONT STYLE="font-weight: normal; color: windowtext">The Company is a party to a public civil action filed by associations representing
the owners of areas near to the Mar Azul, Tamandu&aacute; and Cap&atilde;o Xavier mines. The associations are requesting the cancellation
of Vale's mining and environmental licenses to operate those mines, mainly claiming that the mining activities are contaminating the water
springs in the region. Those mining operations are currently suspended, and the Company is defending itself against the lawsuit, which
it believes that the likelihood of loss is possible, however, it is not yet possible to estimate the amount of a potential loss due to
the interruption of these operations or any potential agreement to mitigate and compensate.</FONT></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In addition, the Company is also a party to public civil actions filed by the
Public Ministry of the State of Minas Gerais and by the municipality of Juceaba requesting the Company to stop disposing tailings at Maravilhas
II and III dams (Vargem Grande complex), Forquilhas V (F&aacute;brica complex) and Dam 7 (Viga mine). The Company believes that the likelihood
of loss is possible, however, it is not yet possible to estimate the amount of a potential loss due to an interruption of these operations
or any potential agreement to mitigate and compensate.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><I>Labor litigations&ndash;
Safety requirements at dams in the State of Par&aacute;, Brazil - </I></FONT><FONT STYLE="font-weight: normal; color: windowtext">In March
2022, the Labor Prosecutor's Office of the State of Par&aacute; filed two public civil actions requesting an indemnification payment of
US$113 (R$590 million) and the adoption of several work safety measures related to the Mirim and Pera Jusante dams to restrict access
only to the employees that are strictly necessary at the site. The Company believes that the likelihood of loss is possible.</FONT></P>

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

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><I>Environmental
litigations&ndash; Iron ore operations in Itabira - </I></FONT><FONT STYLE="font-weight: normal; color: windowtext">The Company is a party
to several environmental proceedings, which are not individually material. Among these processes, the Company is a defendant in two separate
actions brought by the municipality of Itabira, in the Brazilian state of Minas Gerais. In the first action, filed in August 1996, the
municipality alleges that Vale iron ore operations have caused environmental
and social harm, and claims damages with respect to the alleged environmental degradation, as well as the immediate restoration of the
affected ecological complex and the performance of compensatory environmental programs in the region. In the second action, filed in September
1996, the municipality of Itabira claims the right to be reimbursed for expenses it has incurred in connection with public services rendered
due to mining activities. The damages sought, as adjusted from the date of the claim, amount to approximately US$431 (R$2,249 million)
(2021: US$345 (R$1,925 million)).</FONT></P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 66%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">945</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">957</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Civil litigations </FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">100</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">134</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">141</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,215</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,220</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In addition to the above-mentioned tax, civil, labor and environmental
judicial deposits, the Company contracted US$2.3 billion (R$12 billion) in guarantees for its lawsuits, as an alternative to judicial
deposits.</P>

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

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Arbitration related to Simandou
- </B></FONT>In 2010, the Company acquired a 51% interest in BSG Resources Limited G (&quot;BSGR&quot;), which held concession rights
and permits for iron ore exploration in the Republic of Guinea. In 2014, the Republic of Guinea revoked these concessions based on evidence
that BSGR had obtained them through bribery of Guinean government officials. The Republic of Guinea did not make any finding of any involvement
or responsibility on the Company&rsquo;s part. The arbitral tribunal in London ruled in the Company&rsquo;s favor and ordered BSGR to
pay to the Company the amount of approximately US$2.1 billion (with interest and costs). BSGR went into administration in March 2018,
and the Company has commenced legal proceedings against BSGR before courts in London, England and in the United States District Court
for the Southern District of New York to enforce the arbitral award against BSGR. The Company continues to pursue the enforcement of the
award and collection of the amounts due by all legally available means, but since there can be no assurance as to the timing and amount
of any collections, the asset was not recognized in its financial statements.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A; border-bottom: #BFBFBF 0.5pt solid"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">A provision is recognized when it
is considered probable that an outflow of resources will be required to settle the obligation and can be reliably estimated. The liability
is accounted against an expense in the income statement. This obligation is updated based on the developments of the judicial process
or interest accretion and can be reversed if the expectation of loss is not considered probable due to changes in circumstances or when
the obligation is settled.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Contingent assets are disclosed
when the related economic benefits are probable and are only recognized in the financial statements in the period in which their realization
is virtually certain.</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A; border-bottom: #BFBFBF 0.5pt solid"><B>Critical
accounting estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">Litigations are contingent by nature,
that is, it will be resolved when one or more future event occurs or fails to occur. Typically, the occurrence or not of such events is
outside of the Company&rsquo;s control. Legal uncertainties involve the application of significant estimates and judgments by management
regarding the potential outcomes of future events.</P>

<P STYLE="font: 5pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_035"></A>29.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Employee benefits</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Employee post retirement obligation</B></P>


<!-- Field: Page; Sequence: 83 -->
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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In Brazil, the management of the pension plans is the responsibility
of Funda&ccedil;&atilde;o Vale do Rio Doce de Seguridade Social (&ldquo;Valia&rdquo;) a nonprofit entity with administrative and financial
autonomy. The Brazilian plans are as follows:</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Benefit plan Vale Mais (&ldquo;<I>Vale
Mais</I>&rdquo;) and benefit plan Valiaprev (&ldquo;<I>Valiaprev</I>&rdquo;) - </B></FONT>The Company's employees participating in Valia
are associated, for the most part, with the Vale Mais plan, which has a defined benefit component (settled benefit from the former Defined
Benefits Plan and specific benefit to cover death, disability retirement and sickness benefit) and defined contribution component (for
programmable benefits). The Valiaprev plan is similar to the Vale Mais plan, with the exception of not having the benefit settled and
the sickness benefit. Both Vale Mais and Valiaprev plans were overfunded as at December 31, 2022 and 2021.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Defined benefit plan (&ldquo;<I>Plano
BD</I>&rdquo;) - </B></FONT>The Plano BD is closed to new entrants since 2000, when the Vale Mais plan was implemented. It is a plan that
has defined benefit characteristics, covering almost exclusively retirees and their beneficiaries. It was overfunded as at December 31,
2022 and 2021 and the contributions made by the Company are not material.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>&ldquo;<I>Abono complementa&ccedil;&atilde;o</I>&rdquo;
benefit plan - </B></FONT>The Company sponsors a specific group of former employees entitled to receive additional benefits from Valia
regular payments. The contributions made by the Company finished in 2014. The &ldquo;<I>abono complementa&ccedil;&atilde;o</I>&rdquo;
benefit was overfunded as at December 31, 2022 and 2021.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Other benefits - </B></FONT>The
Company sponsors medical plans for employees that meet specific criteria and for employees who use the &ldquo;<I>abono complementa&ccedil;&atilde;o</I>&rdquo;
benefit. Although those benefits are not specific retirement plans, actuarial calculations are used to calculate future commitments. As
those benefits are related to health care plans they have nature of underfunded benefits, and are presented as underfunded plans as at
December 31, 2022 and 2021.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The foreign plans are managed in accordance with their region.
They are divided between plans in Canada, US A, UK and Indonesia. Pension plans in Canada are composed of a defined benefit and defined
contribution component. Currently the defined benefit plans do not allow new entrants. The foreign defined benefit plans are underfunded
as at December 31, 2022 and 2021.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Employers&rsquo; disclosure about pensions and other post retirement
benefits on the status of the defined benefit elements of all plans is provided as follows.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>i. Evolution
of present value obligation</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Benefit obligation as at December 31, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,105</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,632</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,733</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Service costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(235)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(257)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participant contributions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of changes in the actuarial assumptions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(330)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(246)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(261)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(208)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(23)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">295</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(295)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Benefit obligation as at December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,833</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,983</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,427</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Service costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">325</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(534)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Participant contributions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of changes in the actuarial assumptions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(784)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(109)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(343)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,252</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,252)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Benefit obligation as at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,142</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>608</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,057</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>ii. Evolution
of assets fair value</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets as at December 31, 2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,969</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,992</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">253</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">102</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employer contributions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">56</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(235)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(257)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets (excluding interest income)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(269)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-top: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(276)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">281</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(281)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets as at December 31, 2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,752</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,779</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">412</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Employer contributions</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Benefits paid</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(534)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(58)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(57)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets (excluding interest income)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(752)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,373</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,373)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets as at December 31, 2022</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,340</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>339</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
 </TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>iii. Reconciliation
of assets and liabilities recognized in the statement of financial position</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Plans in Brazil</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the year</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>876</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>864</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">83</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Changes on asset ceiling</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>924</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>876</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,634)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(246)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(321)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,572)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(237)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(301)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,558</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,448</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">94</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(924)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(876)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(145)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(321)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(143)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(301)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(305)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(103)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(296)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(145)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(321)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(143)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(301)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Foreign plan</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Movements of assets ceiling</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Changes on asset ceiling and onerous liability</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>190</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,508)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(362)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(736)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(261)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,746)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,127)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,782</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">238</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,685</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(190)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(44)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(736)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(61)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,127)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(47)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets (liabilities)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(117)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(696)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(54)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,080)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(736)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(61)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,127)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the year</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>919</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>864</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Changes on asset ceiling</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at end of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,114</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>919</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="13" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Amount recognized in the statement of financial position</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5,142)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(608)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,057)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,833)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,983)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,428)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Fair value of assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,340</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">339</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,752</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,779</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,114)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(919)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(269)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,057)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(204)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,428)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(47)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(52)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Non-current assets (liabilities)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(259)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,001)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(157)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,376)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(269)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,057)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(204)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,428)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The pension plan asset is recorded as &ldquo;Other non-current
assets&rdquo; in the balance sheet.</P>

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


<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>iv. Costs
recognized in the income statement</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="17" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 22%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Service cost</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest expense</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">325</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">196</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">222</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">134</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">64</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(412)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(102)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(297)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(107)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Interest expense on effect of (asset ceiling)/ onerous liability</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">84</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of cost, net</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>42</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>73</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>88</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>34</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>79</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>82</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>v. Costs
recognized in the statement of comprehensive income</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="17" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 22%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance at beginning of the year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(93)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(92)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(172)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(101)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(400)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(363)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(173)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(459)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(238)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effect of changes actuarial assumptions</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">784</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">109</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">343</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">330</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">246</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(118)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(271)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(243)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets (excluding interest income)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(752)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(269)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(114)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Change of asset ceiling</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(60)</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">278</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(36)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>78</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>343</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(4)</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>430</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>257</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>46</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(232)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred income tax</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(102)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(12)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Others comprehensive income</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(24)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>241</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>300</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>174</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>31</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>31</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(150)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accumulated other comprehensive income</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(124)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(45)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>62</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(93)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(92)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(172)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(101)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(400)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(363)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>vi. Risks related to plans</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The Administrators of the plans have committed to strategic
planning to strengthen internal controls and risk management. This commitment is achieved by conducting audits and assessments of internal
controls, which aim to mitigate operational market and credit risks. Risks are presented as follow:</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Legal -</B></FONT> Lawsuits:
issuance of periodic reports to the audit and Board of Directors, including the lawyers' analysis of the chances of success (remote, probable
or possible), focusing on the administrative decision on provisions. Promote and monitor adaptations to new legal obligations and monitor
compliance with established legal obligations. Due diligence of third parties from the perspective of the Integrity Program.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Actuarial - </B></FONT>The
annual actuarial evaluation of the benefit plans comprises the assessment of taxes, income and adequacy of the costing plans. Technical
study of compliance with the assumptions adopted in the actuarial evaluation of benefit plans prepared by an external actuary, in accordance
with current legislation. Monitoring of biometric, demographic and economic-financial assumptions.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Market &ndash;</B></FONT> Technical
allocation studies are carried out with the objective of evaluating investment portfolios of the different obligations of the plans and
projecting the future result of these portfolios. Asset Liability Management studies are carried out for defined benefit type obligations
(Asset Liability Management study), while for defined contribution type obligations there are efficient frontier studies (investment profiles)
and glidepath (life cycles). Periodic monitoring of the plans' short-term market risk based on risk indicators (VaR - Value at Risk, Benchmark
VaR, Maximum Drawdown, Stress Tests, among others).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Credit -</B></FONT> Risk classification
of securities from corporate and bank issuers based on quantitative and qualitative assessments of the credit risk of the issuer, the
asset and its guarantees, from acquisition to maturity. This internal rating sensitizes provisions for credit risk losses, as well as verified defaults, in accordance
with current legislation. Provisions for loan losses with participants are realized based on default verified in payments.</P>


<!-- Field: Page; Sequence: 86 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #00807A"><B>Liquidity -</B></FONT> Technical
study of the liquidity of plans with defined benefit obligations, focusing on the long term, whose objective is to verify the sufficiency
of the assets in fulfilling the plan's obligations. Monitoring of short-term liquidity with a focus on cash available to meet plan obligations
for the coming years. The defined contribution bond portfolios (investment profiles and life cycles) have assets available for sale at
any time in normal market situations.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>vii. Actuarial and economic assumptions and
sensitivity analysis&nbsp;</B></P>



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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">All calculations involve future actuarial projections about some parameters,
such as: salaries, interest, inflation, mortality and disability.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The economic and actuarial assumptions adopted have been formulated
considering the long-term period for maturity and should therefore be analyzed accordingly. In the short term they may not be realized.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The following assumptions were adopted in the assessment:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="12" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Brazil</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 34%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate to determine benefit obligation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.77% - 9.88%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.66%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.81% - 9.90% </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8.62% - 8.82%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.25%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8.68% - 8.86%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate to determine expense/ income</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.77% - 9.88%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.66%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8.62% - 8.82%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.25%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of salary increase</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3.50% - 5.36%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.86%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.25% - 5.32%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of benefit increase</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.50% -&nbsp;&nbsp;4.02% </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.86%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.25%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Immediate health care cost trend rate</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.35%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.35%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ultimate health care cost trend rate</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.35%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.35%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of price inflation</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.25%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.50%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.25%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.00%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.25%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Foreign</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 38%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discount rate to determine benefit obligation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5.10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;5.10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.14%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.84%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.03%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate to determine expense/ income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.84% </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.84% </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.03%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.62%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.62%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of salary increase</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3.23%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;3.23%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.28%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of benefit increase</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.00%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.00%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.00%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Immediate health care cost trend rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.11%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ultimate health care cost trend rate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.57%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.57%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Nominal average rate of price inflation</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.06%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;2.06%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2.10%</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">N/A</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">For the sensitivity analysis, the Company applies the effect
of 1.0% in nominal discount rate to the present value of the Company&acute;s actuarial liability. The effects of this analysis on the
Company&acute;s actuarial liability and assumptions adopted are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Brazil</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% increase</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,451</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">237</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">413</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.83%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11.66%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10.86%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% reduction</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,845</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">257</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">320</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8.83%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9.66%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8.86%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Foreign</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% increase</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,244</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">322</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">649</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.11%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.11%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.14%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 43%; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Nominal discount rate - 1% reduction</B></FONT></TD>
    <TD STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Actuarial liability adjusted for sensitivity test</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,799</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">403</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">832</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assumptions made</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.11%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.11%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4.14%</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>viii. Assets of pension plans</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Brazilian plan assets as at December 31, 2022 and 2021 includes
respectively (i) investments in a portfolio of Vale&rsquo;s share and other instruments in the amount of US$47 and US$50, which are presented
as &ldquo;Investments funds &ndash; Equity&rdquo; and (ii) Brazilian Federal Government securities in the amount of US$4,214 and US$3,682,
which are presented as &ldquo;Debt securities governments&rdquo; and &ldquo;Investments funds &ndash; Fixed&rdquo; Foreign plan assets
as at December 31, 2022 and 2021 includes Canadian Government securities in the amount of US$454 and US$682, respectively.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>ix. Overfunded pension plans</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Assets by category are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,115</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,115</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Corporate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">367</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">368</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Government</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,354</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">435</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,789</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,042</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,042</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Fixed Income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,040</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">133</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,173</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,910</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">175</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,085</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Equity</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">455</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">456</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">452</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">452</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">International investments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">231</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">254</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Structured investments - Private Equity funds</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">188</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">428</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">232</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Structured investments - Real estate funds</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Real estate</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">293</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">212</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">212</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans to participants</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">128</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">128</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">106</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,988</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,410</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>664</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,062</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,496</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>379</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>426</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,301</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Funds not related to risk plans (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,722)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,549)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Fair value of plan assets at end of year</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,340</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,752</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Financial investments not related to coverage of overfunded
pension plans. Funds are related to the Company&acute;s unconsolidated entities and former employees.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Measurement of overfunded plan assets at fair value with no
observable market variables (level 3) are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 27%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Private equity funds</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Real estate funds</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Real estate</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Loans to participants</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>126</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>255</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>105</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>491</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">71</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(74)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(113)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(34)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>103</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>212</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>106</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>426</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">34</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">280</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">315</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(292)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(350)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">164</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">213</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>240</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>293</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>128</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>664</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0; color: teal"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>x.</B></TD><TD STYLE="text-align: justify"><B>Underfunded pension plans</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Assets by category are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 28%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Equity securities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,708</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,711</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Corporate</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">556</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">556</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Debt securities - Government</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">133</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">683</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">816</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Fixed Income</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Investments funds - Equity</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">173</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">229</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Structured investments - Private Equity funds</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">181</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Real estate</FONT></TD>
    <TD STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="width: 1%; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans to participants</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">125</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">125</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">168</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">168</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>148</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>51</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>140</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>339</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,887</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,485</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>406</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,778</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Measurement of underfunded plan assets at fair value with no
observable market variables (level 3) are as follows:</P>

<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 21%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Private equity funds</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Equity pool</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Real estate</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Loans to participants</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2020</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>250</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>180</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>437</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(14)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">67</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(108)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(109)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2021</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>181</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>53</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>168</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>406</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Return on plan assets</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(32)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets purchases</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets sold during the year</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(20)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer between surplus and deficit plans</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(164)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(53)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(212)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>125</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>140</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>xi. Disbursement of future cash flow</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Vale expects to disburse US$61 in 2023 in relation to pension
plans and other benefits.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: teal"><B>xii. Expected benefit payments</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The expected benefit payments, which reflect future services,
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">248</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">252</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2025</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">256</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">259</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">26</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2027</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2028 and thereafter</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,326</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">138</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">153</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>b) Profit
sharing program (&ldquo;PLR&rdquo;)</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">The Company recorded as cost of goods sold and services
rendered and other operating expenses related to the profit sharing program US$499, US$474 and US$416 for the years ended on December
31, 2022, 2021 and 2020, respectively.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">For the long-term awarding of eligible executives, the
Company compensation plans includes Matching program and Performance Share Unit program (&ldquo;PSU&rdquo;), with three-year-vesting cycles,
respectively, with the aim of encouraging employee&rsquo;s retention and encouraging their performance. The fair value of the programs
is recognized on a straight-line basis over the three-year required service period, net of estimated losses.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00807A"><B>Matching Program</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">For the Matching program, the participants can acquire
Vale&rsquo;s common shares in the market without any benefits being provided by Vale. If the shares acquired are held for a period of
three years and the participants keep an employment relationship with Vale, the participant is entitled to receive from Vale an award
in shares, equivalent to the number of shares originally acquired by the executive. It should be noted that, although a specific custodian
of the shares is defined by Vale, the share initially purchased by the executives have no restriction and can be sold at any time. However,
if it&rsquo;s done before the end of the three-year-vesting period, they would lose its right of receiving the related award to be paid
by Vale.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Performance Shares Units (&ldquo;PSU&rdquo;)</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Under the PSU, eligible executives can earn, during a three-year
vesting cycle, an award equivalent to the market value of a certain number of common shares and conditioned to Vale's performance factor
measured based on Total Shareholder Return (&quot;TSR&quot;) and Environmental, Social and Governance (&quot;ESG&quot;) metrics. It is
comprised of 75% of TSR metrics and 25% of ESG indicators and health and safety.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>d) New accounting policy adopted in 2021</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">IFRS 2 defines that the accounting for share-based payments
depends on the form of settlement of the plans, which can be &ldquo;cash-settled&rdquo; or &ldquo;equity-settled&rdquo;. When a plan is
settled in cash, the payment obligation to the employee is recognized as a liability, which is updated to fair value recognized in the
income statement at each reporting date and on the settlement date of the obligation. When the plan is settled with equity instruments,
the fair value of the plan is calculated only on the grant date of the benefit and the fair value of the plan is recognized in the income
statement for the year on a straight-line basis to equity over the period of service required.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Until December 2020, the long-term incentive programs for the
Company's executives, were recorded as liabilities based on the practice adopted by the Company to settle its obligation related to these
programs with cash payment instead of Vale&rsquo;s shares for its executives.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On April 30, 2021, the modification of the Regulation of the
Performance Share Unit program(&ldquo;PSU&rdquo;) was approved at the Ordinary and Extraordinary Annual General Meeting (&ldquo;date of
modification&rdquo;), enabling the use of treasury shares of the Company to settle the obligation. Thus, the plans started to be treated
as &ldquo;equity-settled&rdquo; and their fair value was remeasured on the modification date.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #00807A"><B>Remeasurement of the fair value of plans</B></P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">The fair value of the Matching program was estimated using
the Company's share price and ADR on the modification date, in the amount of R$109.02 and US$20.12 per share, respectively. The number
of shares granted on the grant date for the 2019, 2020 and 2021 cycles were 1,222,721, 2,154,534 and 1,046,255, respectively.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">For the PSU, the program was remeasured by estimating
the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability
indicators. The assumptions used for the Monte Carlo simulations are shown in the table below, as well as the result used to calculate
the expected value of the total performance factor.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 71%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,474,723 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Date shares were granted</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">01/03/2021</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VALE (BRL)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;109.02</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VALE ON (USD)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;20.12</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39.00% p.y</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected term (in years)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.20%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected performance factor</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">60.96%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; color: #00807A"><B>e) Measurement of the fair value of the 2022 plans</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">On March 30, 2022, a new cycle of the Matching program started
and the Company estimates a fair value based on the prices of Company&rsquo;s shares and ADRs on the share grant date of US$20.03 and
R$95.87 per share. In relation to the 2022 cycle, the Company will grant 1,437,588 shares (2021: 1,046,255 shares).</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">During 2022, a new cycle of the PSU program has started
as well and the Company will grant 1,709,955 shares (2021: 1,474,723 shares). The assumptions used for the Monte Carlo simulations are
shown in the table below, as well as the result used to calculate the expected value of the total performance factor.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 71%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 28%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,709,955</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Date shares were granted</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">01/03/2022</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VALE (BRL)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">78.00</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">VALE ON (USD)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13.81</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39.00% p.y.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected term (in years)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">51.20%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expected performance factor</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53.08%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Accounting
policy</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>Employee benefits</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>i. Current benefits
&ndash; wages, vacations and related taxes</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">Payments of benefits such
as wages or accrued vacation, as well the related social security taxes over those benefits are recognized monthly in income, on an accrual
basis.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>ii. Current
benefits &ndash; profit sharing program</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B></B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">The Company has the Annual
Incentive Program (AIP) based on Team and business unit&rsquo;s contribution and Company-wide performance through operational cash generation.
The Company makes an accrual based on evaluation periodic of goals achieved and Company result, using the accrual basis and recognition
of present obligation arising from past events in the estimated outflow of resources in the future. The accrual is recorded as cost of
goods sold and services rendered or operating expenses in accordance with the activity of each employee.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>iii. Non-current
benefits &ndash; long-term incentive programs</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B></B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">The Company has established
a procedure for awarding certain eligible executives (Matching and Performance Share unit (&ldquo;PSU&rdquo;) Programs) with the goal
of encouraging employee retention and optimum performance. Share-based long-term compensation programs are equity-settled, under which
the Company receives employee services as consideration for equity instruments. The fair value of employee services received in exchange
for the grant of options is recognized as an expense. The total amount of expenses is recognized during the period in which the right
is acquired; period during which the specific vesting conditions are met.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>iv. Non-current
benefits &ndash; pension costs and other post retirement benefits</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">The Company has several retirement
plans for its employees.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">For defined contribution
plans, the Company's obligations are limited to a monthly contribution linked to a pre-defined percentage of the remuneration of employees
enrolled into these plans.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">For defined benefit plans,
actuarial calculations are periodically obtained for liabilities determined in accordance with the Projected Unit Credit Method in order
to estimate the Company&rsquo;s obligation. The liability recognized in the statement of financial position represents the present value
of the defined benefit obligation as at that date, less the fair value of plan assets. The Company recognized in the income statement
the costs of services, the interest expense of the obligations and the interest income of the plan assets. The remeasurement of gains
and losses, return on plan assets (excluding the amount of interest on return of assets, which is recognized in income for the year) and
changes in the effect of the ceiling of the active and onerous liabilities are recognized in comprehensive income for the year.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0pt; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">For overfunded plans, the
Company recognizes the net defined benefit assets limited to the present value of the economic benefits available as refunds or reductions
in future contributions, considering minimum funding requirements applicable. For underfunded plans, the Company recognizes net defined
benefit liabilities. The gain or loss on recognition/remeasurement of these net assets/liabilities are recognized in income statement
or in comprehensive income, when arising from the actuarial valuation.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; border-bottom: #BFBFBF 0.5pt solid; text-align: justify; color: #007E7A"><B>Critical
accounting estimates and judgments</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A"><B>Post
retirement benefits for employees - </B></FONT>The amounts recognized depend on several factors that are determined based on actuarial
calculations using various assumptions in order to determine costs and liabilities. One of these assumptions is selection and use of the
discount rate. Any changes to these assumptions will affect the amount recognized.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: #F2F2F2">At the end of each year the
Company and external actuaries review the assumptions that will be used for the following year. These assumptions are used in determining
the fair values of assets and liabilities, costs and expenses and the future values of estimated cash outflows, which are recorded in
the plan obligations.</P>





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


<!-- Field: Page; Sequence: 91 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_036"></A>30.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Equity</B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As at December 31, 2022,
the share capital was US$61,614 corresponding to 4,778,889,263 shares issued and fully paid without par value. The Board of Directors
may, regardless of changes to by-laws, approve the issue and cancellation of common shares, including the capitalization of profits and
reserves to the extent authorized.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 46%; border-bottom: teal 1pt solid"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;Shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Common shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Golden shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-top: #007E7A 1pt solid; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders with more than 5% of total capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,616,023,334</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,616,023,334</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">The Capital Group Companies, Inc</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">648,304,234</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">648,304,234</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Previ</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">409,087,156</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">409,087,156</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mitsui&amp;co</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286,347,055</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286,347,055</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Blackrock, Inc</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">272,284,889</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">272,284,889</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Free floating</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,867,055,366</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,867,055,366</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Golden shares</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total outstanding (without shares in treasury)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,483,078,700</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,483,078,712</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares in treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">295,810,551</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">295,810,551</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total capital</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,778,889,251</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,778,889,263</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">During 2022 and 2021, the Board of Directors approved cancellations
of common shares issued by the Company, acquired and held in treasury, without reducing the amount of its share capital, as shown below.
The effects were transferred in shareholders' equity as &quot;Treasury shares used and cancelled&quot;, between the &quot;Revenue reserve&quot;
and &quot;Treasury shares&quot;.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 50%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Number of canceled shares</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cancellation approved on February 24, 2022</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">133,418,347</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,830</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cancellation approved on July 28, 2022</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">220,150,800</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,786</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>353,569,147</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,616</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cancellation approved on September 16, 2021</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">152,016,372</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,401</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Year ended December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>152,016,372</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,401</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Shares buyback program and treasury
shares</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">During 2022 and 2021, the Board of Directors approved shares
buyback programs for Vale&rsquo;s shares, as described below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total of shares repurchased</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Effect on cash flows</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 36%; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program for 470,000,000 shares (i)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by Parent</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">81,855,600</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">139,018,347</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1.501</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,008</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">96,959,900</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">152,166,153</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,750</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,538</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>178,815,500</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>291,184,500</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,251</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,546</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program for 500,000,000 shares (ii)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by Parent</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">87,779,900</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,375</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">90,847,177</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,410</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>178,627,077</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,785</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shares buyback program</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>357,442,577</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>291,184,500</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,036</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,546</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) On April 1, 2021, the Board of Directors approved the common
shares buyback program, limited to a maximum of 270,000,000 common shares or their respective ADRs. Continuing the previous program, the
Board of Directors approved a new shares buyback program on October 28, 2021, with a limit of up to 200,000,000 common shares or their
respective ADRs. Both programs were concluded in 2022.</P>

<P STYLE="margin: 0; font: 8pt/115% Vale Sans,sans-serif">(ii) On April 27, 2022, the Board of Directors approved the common shares buyback
program, limited to a maximum of 500,000,000 common shares or their respective ADRs.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">In February 2023 (subsequent event), the Company approved the transfer of 85
million shares from its wholly-owned subsidiaries to the Parent Company.</P>

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


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 61%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,788</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,445</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Appropriation to legal reserve</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(276)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,123)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Appropriation to tax incentive reserve</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,157)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,581)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Net income after appropriations to legal reserve and tax incentive reserve</B></FONT></TD>
    <TD STYLE="background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>17,355</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18,741</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Reclassification of the fair value adjustment reserve (note 16l)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>522</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Minimum mandatory remuneration</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,386</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,542</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Additional remuneration</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">from statutory reserve</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,476</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">from the net income for the year</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,326</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>437</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,802</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total remuneration to shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,823</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,344</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Appropriation to statutory reserve</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8,821</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,395</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Appropriation to retained earnings reserve</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F3F3F3; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,711</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company's By-laws determines
as its minimum mandatory remuneration to Vale shareholders an amount equal to 25% of the net income, after appropriations to legal and
tax incentive reserves. The remuneration approved as interest on capital (&ldquo;JCP&rdquo;) is gross up with the income tax applicable
to Vale&rsquo;s shareholders. The remuneration to Vale&rsquo;s shareholders was based on the following resolutions:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On February 16, 2023 (subsequent event), the Board of Directors approved the
shareholder&rsquo;s remuneration of US$1,569, of which US$1,132 is part of the minimum mandatory remuneration, recorded as a liability
for the year ended December 31, 2022, and US$437 as an additional remuneration, recorded in equity as &ldquo;Additional remuneration reserve&rdquo;.
The payment will be held in March 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.8pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
December 1, 2022, the Board of Directors approved interest on capital to shareholders in the amount of US$254, as an anticipation of the
income for the year ended December 31, 2022, which is part of the minimum mandatory remuneration, recorded as a liability for the year
ended December 31, 2022. The payment will be held in March 2023.</FONT></TD></TR></TABLE>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">On July 28, 2022, the Board of Directors
approved the remuneration to shareholders in the amount of US$3,000, which is part of the minimum mandatory remuneration, recorded as
a liability for the year ended December 31, 2022. It was fully paid in September 2022. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #007E7A">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">On February 24, 2022, the Board of Directors
approved the remuneration to shareholders in the amount of US$3,500 as an additional remuneration for the year ended December 31, 2021,
recorded in equity as &ldquo;Additional remuneration reserve&rdquo;. It was fully paid in March 2022. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">In 2021, the Company approved and paid
dividends and interest on capital to shareholders in the amount of US$9,844, as follows: (i) US$2,200, as approved by the Board of Directors
on June 17, 2021; and (ii) US$7,644, approved by the Board of Directors on September 16, 2021. Of the total amount paid, US$4,542 was
the minimum mandatory remuneration for the year ended December 31, 2021, US$1,476 was paid out the Company&rsquo;s profits reserve and
the remaining amount was paid as an anticipation of the income for the year ended December 31,2021. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 28.35pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: navy; font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 25.1pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal; color: teal">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; font-weight: normal; color: windowtext">On
February 25, 2021, the Board of Directors approved the shareholder&rsquo;s remuneration in the amount of US$3,972. Of the total amount,
US$1,152 represented the minimum mandatory remuneration for 2020. The remaining amount of US$2,820 was approved as additional remuneration
and was recorded in the equity as &ldquo;Additional remuneration reserve. This amount was paid in full in March 2021. </FONT></TD></TR></TABLE>

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

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


<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="color: teal; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">e) Profit reserves</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Legal reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Tax incentive reserve</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>&nbsp;Statutory reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Retained earnings reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additional remuneration reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total of profit reserves</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2020</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,542</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>659</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,854</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,987</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,042</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Allocation of income</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,123</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,581</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,395</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,500</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14,599</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deliberated dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1,476)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,820)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4,296)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury shares cancellation</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,401)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2,401)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(142)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(157)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,526</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(469)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">758</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2021</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,523</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,083</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,898</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,198</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,702</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Allocation of income</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">276</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,157</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8,821</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,711</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14,402</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deliberated dividends and interest on capital of Vale's shareholders</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,500)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,500)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Treasury shares cancellation</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,616)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(6,616)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfers of reserves</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">165</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">173</FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">249</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(133)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">302</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">756</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as at December 31, 2022</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,964</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,416</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,349</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,578</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>437</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20,744</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Legal reserve -</B></FONT> Is
a legal requirement for Brazilian public companies to retain 5% of the annual net income up to 20% of the capital. The reserve can only
be used to compensate losses or to increase capital.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Tax incentive reserve -</B></FONT>
Results from the option to designate a portion of the income tax for investments in projects approved by the Brazilian Government as well
as tax incentives.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Statutory reserve -</B></FONT> Aims to ensure the maintenance and development of the main activities that comprise the Company&rsquo;s operations
and to retain budgeted capital for investments. Based on the Company&rsquo;s by-laws, this reserve is capped to 50% of the annual distributable
net income, up to the amount of the share capital.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Retained earnings reserve &ndash;</B></FONT>&nbsp;It
is intended to be used in investments for capital expenditures as allowed by the Brazilian Corporate Law.</P>

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"><B>Additional remuneration reserve
-</B></FONT> Results from the remuneration proposed by Management that exceeds the mandatory minimum remuneration of 25% of the adjusted
net income.</P>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #BFBFBF 0.5pt solid">

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

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

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Accounting policy</P>

</DIV>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Share
capital and treasury shares -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The Company holds shares in treasury for a future
sale, cancellation or for the payment of the executives' long-term compensation programs. These shares are recognized in a specific account
as a reduction of equity to the acquisition value and maintained at the cost of the transaction. Incremental costs directly attributable
to the issue of new shares or options are recognized in equity as a deduction from the amount raised, net of taxes.</FONT></P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="color: #007E7A">Shareholder&rsquo;s
remuneration -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">The shareholder&rsquo;s remuneration is paid on dividends and
interest on capital. This remuneration is recognized as a liability in the financial statements of the Company based on bylaws. Any amount
above the minimum mandatory remuneration approved by the by-laws shall only be recognized in current liabilities on the date that is approved
by shareholders.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
Company is permitted to distribute interest attributable to equity. The calculation is based on the equity amounts as stated in the statutory
accounting records and the interest rate applied may not exceed the Brazilian Government Long-term Interest Rate (&ldquo;TJLP&rdquo;)
determined by the Central Bank of Brazil. Also, such interest may not exceed 50% of the net income for the year or 50% of retained earnings
plus profit reserves as determined by Brazilian corporate law.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">The
benefit to the Company, as opposed to making a dividend payment, is a reduction in the income tax burden because this interest charge
is tax deductible in Brazil. Income tax of 15% is withheld on behalf of the shareholders relative to the interest distribution. Under
Brazilian law, interest attributed to equity is considered as part of the annual minimum mandatory dividend. This notional interest distribution
is treated for accounting purposes as a deduction from equity in a manner similar to a dividend and the tax deductibility recorded in
the income statement.</FONT></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; background-color: #F2F2F2"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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


<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt; color: #00807A"><B><A NAME="a_037"></A>31.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt; color: #007E7A"><B>Related parties</B></FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="17" STYLE="white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">434</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">640</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">353</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(121)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(105)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(105)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(337)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(34)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(349)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(15)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(100)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(17)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(397)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(279)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(227)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
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    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(135)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(114)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(101)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
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    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>476</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(998)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(37)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>645</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(857)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(13)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>372</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(546)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">289</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">255</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">235</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #D9D9D9 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>290</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(26)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>256</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(21)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>240</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(25)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Major shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">381</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(528)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(49)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">416</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">261</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">185</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>416</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>384</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>261</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2;border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(515)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>185</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(32)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,024)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>344</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,162</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(878)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(530)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>797</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(571)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(26)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Discontinued operation - Coal </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(95)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(405)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(1,024)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>344</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,162</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(973)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(515)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>797</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(976)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(3)</B></FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>b) Outstanding balances with related
parties</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>December 31, 2022</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 22%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Assets</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">91</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhias de Pelotiza&ccedil;&atilde;o (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">37</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>95</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>117</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>75</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>96</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Major shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">335</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">154</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,746</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">79</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">89</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>365</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>154</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,825</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pension plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>365</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>211</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>272</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,825</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>109</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>104</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 31%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial instruments and other liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">400</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">393</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>151</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>400</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>70</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>393</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #BFBFBF 1pt solid; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>53</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>47</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Major shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">265</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>75</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: teal 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>265</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pension plan</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>171</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>528</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>91</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>705</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o,
Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o and Companhia
Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>c) Key
management personnel compensation</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Year ended December 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Short&#45;term benefits</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Wages</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Profit sharing program (&ldquo;PLR&rdquo;)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>24</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>20</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Long&#45;term benefits</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares based</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Severance</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>44</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>33</B></FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>37</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B><A NAME="a_038"></A>32.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Commitments and guarantee</B></FONT></TD></TR></TABLE>

<P STYLE="color: navy; font: bold 9pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">a) Commitments</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 64%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Financial guarantees without registration effect</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6,534</FONT></TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,015</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Purchase of energy</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,605</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2,746</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,139</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,761</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">Commitments arise mainly from contracts for the acquisition
of fuel and power and the purchase of raw materials and services. They represent the minimum required and non-cancelable payments related
to contractual obligations.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Guarantee</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 42%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Guarantee</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Restricted cash</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Liability (i)</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Guarantee</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Restricted cash</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Liability (i)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,522</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">103</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,513</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">542</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">644</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">73</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">605</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Loans and financing </FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,166</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>73</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>103</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,200</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>50</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>542</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">(i) The fair value of these financial guarantees is recorded
as &ldquo;Other financial liabilities&rdquo; (note 14).</P>


<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Guarantees for associates and
joint ventures -</B></FONT> The Company has issued financial guarantees to certain associates and joint ventures to the extent of its
direct and indirect ownership interest. In 2022, there was an improvement in the credit risk rating of the associates and as a result
of the decrease in the probability of default on the guaranteed debts, resulting in a gain in the amount of US$481 (2021: US$312) (note
6).</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Guarantees related to asset
retirement obligations -</B></FONT> The Company has financial guarantees provided for the asset retirement obligations
of its Energy Transition Materials operations in Canada. In addition, for Indonesia, as collateral in relation to the bank guarantees
issued by the bank in relation to the reclamation and mine closure guarantees Vale has bank deposits as collateral in relation to the
bank guarantees issued by the bank in relation to the reclamation and mine closure guarantees.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Fixed assets given as guarantee
for loans and financing -</B></FONT> The Company had loans and financing amounting to secured by fixed assets, which were terminated on
June 30, 2022. In addition, the securities issued through Vale&rsquo;s wholly owned finance subsidiary Vale Overseas Limited are fully
and unconditionally guaranteed by Vale and no other subsidiary of the Parent Company guarantees those securities.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 8pt Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Financial Statements</B></P><P STYLE="font: 9pt/115% Vale Sans,sans-serif; margin: 0"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: February 16, 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"></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>



<P STYLE="margin: 0pt"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
