<SEC-DOCUMENT>0001292814-23-002571.txt : 20230607
<SEC-HEADER>0001292814-23-002571.hdr.sgml : 20230607
<ACCEPTANCE-DATETIME>20230607083505
ACCESSION NUMBER:		0001292814-23-002571
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230607
DATE AS OF CHANGE:		20230607

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:		23997741

	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>vale20230507_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>




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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">United States<BR>
Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>Form&nbsp;6-K</B></P>

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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">Pursuant to Rule&nbsp;13a-16 or 15d-16 of</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: center">the Securities Exchange Act of 1934</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">June 2023</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Commission File Number 001-15030</P>

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

<P STYLE="font: 16pt Times New Roman,serif; margin: 0; text-align: center"><B>Vale S.A.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Praia de Botafogo n&ordm; 186, 18&ordm; andar, Botafogo</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">22250-145 Rio de Janeiro, RJ, Brazil</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Form&nbsp;20-F <FONT STYLE="font-family: Wingdings">x</FONT> Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">o</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This report is incorporated by reference in the registration
statements on Form F-3/A filed by us and Vale Overseas Limited with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) on
April 25, 2023 (Nos. 333-271248 and 333-271248-01), and shall be deemed to be a part thereof from the date on which this report is furnished
to the SEC, to the extent not superseded by documents or reports subsequently filed or furnished.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">This report incorporates by reference our current report on
Form 6-K furnished to the SEC on April 26, 2023 (SEC Accession No: 0001292814-23-001823), containing our unaudited consolidated interim
financial statements as of March 31, 2023 and for the three-month periods ended March 31, 2023 and March 30, 2022 (the &ldquo;Interim
Financial Statements&rdquo;), prepared and presented in accordance with IAS 34, Interim Financial Reporting of the International Financial
Reporting Standards (&ldquo;IFRS&rdquo;), as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;), which are accordingly
incorporated by reference in the registration statements on Form F-3 referred to in the preceding paragraph.</P>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><B><A NAME="TableOfContents"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt; text-align: right"><U>Page</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 95%"><A HREF="#a_001">Results of operations for the three-month periods ended March 31, 2023 and March 31, 2022</A></TD>
  <TD STYLE="text-align: right; width: 5%">4</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 95%"><A HREF="#a_002">Liquidity and capital resources</A></TD>
  <TD STYLE="text-align: right; width: 5%">12</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 12pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 95%"><A HREF="#a_003">Recent developments</A></TD>
  <TD STYLE="text-align: right; width: 5%">14</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-indent: 0cm">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0cm"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>Results
of operations for the three-month periods ended march 31, 2023 and march 31, 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2023, we recorded
net income from continuing operations of US$1,878 million, compared to US$4,478 million for the same period of 2022. Our Adjusted EBITDA
from continuing operations decreased to US$3,576 million in the three-month period ended March 31, 2023, from US$6,214 million for the
same period of 2022, mainly due to lower average realized prices of iron ore fines and pellets (impact of US$1,714 million), lower iron
ore fines sales volume (impact of US$555 million) and higher costs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Adjusted EBITDA is a non-GAAP measure, which is calculated
using operating income or loss and adding dividends received and interest from associates and joint ventures, and excluding the amounts
charged as (i)&nbsp;depreciation, depletion and amortization and (ii) impairment reversal (impairment and disposals) of non-current assets.
For more information and the reconciliation of our Adjusted EBITDA to our net income, see &ldquo;Adjusted EBITDA&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Consolidated income statement data</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR>
    <TD STYLE="text-indent: -10pt; vertical-align: top; border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>For the three-month period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: -10pt; vertical-align: top; width: 61%; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">% change</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -10pt; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ million, except for %)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Net operating revenue</TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8,434</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10,812</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(22.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Cost of goods sold and services rendered</TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(4,949)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(4,622)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Selling, administrative and other operating expenses, net</TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(337)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(387)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(12.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Research and development expenses</TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(139)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(121)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">14.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Pre&#45;operating and operational stoppage</TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(124)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(154)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(19.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Impairment reversal (impairment and disposals) of non&#45;current assets, net</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">(4)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,072</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">(100.4)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt"><B>Operating income</B></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,881</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6,600</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(56.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman,serif; vertical-align: top; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Non&#45;operating income (expenses):</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Financial expenses, net</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(530)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(242)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">119.0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Equity results and other results in associates and joint ventures</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">(55)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">211</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right">(126.1)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -10pt; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Income before income taxes</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,296</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6,569</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(65.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Income taxes</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(418)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(2,091)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(80.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -10pt; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net income from continuing operations</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,878</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,478</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(58.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Net income attributable to noncontrolling interests</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">41</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">22</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">86.4</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -10pt; vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net income from continuing operations attributable to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">1,837</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,456</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">(58.8)</P></TD></TR>
  <TR>
    <TD STYLE="text-indent: -10pt; vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -10pt; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt">

    Net income from discontinued operations</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">2</P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">(100.0)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Net income attributable to non&#45;controlling interests</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -10pt; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net income from discontinued operations attributable to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

    <P STYLE="color: #1F497D; font: bold 9pt Times New Roman,serif; margin: 0; text-align: right">-</P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">2</P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">(100.0)</P></TD></TR>
  <TR>
    <TD STYLE="text-indent: -10pt; vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -10pt; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,878</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,480</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(58.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10pt; text-indent: -10pt">Net income attributable to non&#45;controlling interests</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">41</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">22</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt">86.4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -10pt; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 10pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net income attributable to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,837</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,458</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(58.8)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal"><B>Consolidated Revenues</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2023, our net
operating revenues from continuing operations decreased by US$2,378 million or 22.0% to US$8,434 million, from US$10,812 million for
the same period of 2022. The decrease was mainly due to (i) lower average realized prices in the sale of iron ore fines and pellets,
which reflects the drop in the market reference price (impact of US$1,714 million) and (ii) lower sales volume of iron ore fines (impact
of US$803 million).</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table summarizes, for each of the periods indicated,
the distribution of our net operating revenues based on the geographical location of our customers.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Net operating revenues by destination</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #1F497D 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Three-month period ended March&nbsp;31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: #1F497D 0.5pt solid; font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">2023</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="border-bottom: #1F497D 0.5pt solid; font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">2022</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ million)</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(% of total)</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ million)</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(% of total)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt"><I>Asia</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">China</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,407</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40.4</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5,389</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">49.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Japan</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">689</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">861</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">South Korea</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">312</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">255</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Other</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">318</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.8</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">562</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Asia &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,726</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">56.0</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7,067</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">65.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt"><I>Europe</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Germany</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">428</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">508</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Italy</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">183</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">182</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Other</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">952</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">11.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">772</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Europe &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,563</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18.5</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,462</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">13.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt"><I>South&nbsp;and Central America</I></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 8.55pt">Brazil</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">919</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.9</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,128</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 8.55pt">Other</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">148</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.8</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">179</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">South and Central America - total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,067</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">12.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,307</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">12.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt"><I>North America</I></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 8.55pt">United States of America</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">511</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">313</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 8.55pt">Canada</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">142</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">166</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">North America - total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">653</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7.7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">479</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 1.95pt">Middle East</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">238</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.8</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">242</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 1.95pt">Rest of the world</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">187</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">255</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 1.95pt"><B>Total</B></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>8,434</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>10,812</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal"><B>Consolidated Operating Costs and Expenses</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our cost of goods sold and services rendered from continuing
operations increased by 7.1%, to US$4,949 million in the three-month period ended March 31, 2023 from US$4,622 million for the same period
of 2022, mainly due to (i) increase in fixed costs (US$88 million), (ii) increase in prices of bunker and fuel in the Iron Solutions segment,
resulting in higher costs with oil and gas (US$70 million), (iii) higher expenses with tax on mineral production &ndash; &ldquo;TFRM&rdquo;
(US$68 million) and (iv) higher costs from acquisition of iron ore fines from third parties (US$61 million).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our research and development expenses totaled US$139 million
in the three-month period ended March 31, 2023, a 14.9% increase from US$121 million recorded for the same period of 2022, mainly due
to projects of drilling and geology exploration and mineral exploration in all segments.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our pre-operating and operational stoppage expenses totaled
US$124 million in the three-month period ended March 31, 2023, a 19.5% decrease from the US$154 million recorded for the same period of
2022, mainly due to lower idle capacity in halted Iron Solutions operations related to the Brumadinho dam collapse.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our selling administrative and other operating expenses, net,
totaled US$337 million in the three-month period ended March 31, 2023, a 12.9% decrease from US$387 million recorded for the same period
of 2022, mostly due to lower provisions recorded for dam de-characterization.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>Results of
Operations by Segment</B></FONT></P>

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


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<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Net operating revenue by segment</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table summarizes our net operating revenues
by product for the periods indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">% change</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ million, except for %)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions:</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore fines</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,982</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7,255</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(31.3)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore pellets</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,322</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,365</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(3.2)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Other&nbsp;ferrous&nbsp;products&nbsp;and&nbsp;services</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">107</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">114</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(6.1)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6,411</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8,734</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(26.6)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Nickel and other products <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,508</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,458</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.4</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Copper concentrate <SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">490</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">474</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.4</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,998</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,932</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.4</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Other products and services</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">25</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">146</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(82.9)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-weight: normal">Total from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8,434</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">10,812</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(22.0)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-weight: normal">Discontinued operations &ndash; Coal</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">448</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(100.0)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Net operating revenues</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>8,434</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>11,260</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>(25.1)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    </TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Sales volumes</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table sets forth our principal products and
the total volumes sold of each product in each of the periods indicated:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">% change</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(thousand metric tons, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions:</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore fines</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">45,861</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">51,311</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(10.6)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore pellets</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8,133</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7,011</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16.0</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">ROM (run of mine)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,665</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,035</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">60.9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Nickel</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">39</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Copper <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">63</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">50</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26.0</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">PGMs&nbsp;(000&rsquo; oz.) <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">74</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">49</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">51.0</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Gold (000&rsquo; oz.) <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">72</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">62</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Silver (000&rsquo; oz.) <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">406</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">341</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19.1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Cobalt (metric tons) <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">621</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">415</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">49.6</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">By-product contained in our nickel and copper concentrates.</TD></TR></TABLE>

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


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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Average realized prices</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table sets forth our average realized prices
for our principal products for each of the periods indicated. We determine average realized prices based on our net operating revenues,
which consist of the price charged to customers, excluding certain items that we deduct in arriving at net operating revenues, mainly
value&#45;added tax.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 61%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">% change</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ per metric ton, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions:</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore fines</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">108.6</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">141.4</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(23.2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore pellets</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">162.5</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">194.6</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(16.5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals:</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Nickel</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,260</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,195</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Copper</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,298</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,619</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(12.4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Gold (US$/oz)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,845</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,862</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(0.9)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Silver (US$/oz)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22.07</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23.47</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(6.0)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Cobalt</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,830</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">78,085</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(58.0)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Cost of goods sold by segment (excluding depreciation, depletion and
amortization)</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table presents, for each period indicated, our
cost of goods sold and services rendered (excluding depreciation, depletion and amortization) by segment and the percentage change from
period to period.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: right; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">% change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ million, except for %)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions:</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore fines</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,197</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,119</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore pellets</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">648</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">526</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">23.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Other ferrous products and services</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">73</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">78</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(6.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,918</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,723</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7.2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Nickel and other products <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1,112</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">909</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">22.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Copper <SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">270</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">227</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">18.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,382</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,136</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21.7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Others</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">36</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">118</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(69.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-weight: normal">Total of continuing operations (excluding depreciation, depletion and amortization)&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><FONT STYLE="font-weight: normal">4,336</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-weight: normal">3,977</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-weight: normal">9.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Depreciation, depletion and amortization</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">613</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">645</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(5.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total of continuing operations (including depreciation, depletion and amortization)&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">4,949</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">4,622</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">7.1</P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel operations.</TD></TR></TABLE>

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


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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Expenses by segment (excluding depreciation, depletion and amortization)</B></P>

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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">The following table
summarizes, for each period indicated, our expenses (consisting of selling, general and administrative, research and evaluation, pre&#45;operating,
stoppage and other expenses, net of other revenues) by operating segment (excluding depreciation, depletion and amortization) and the
percentage change from period to period.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">% change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ million, except for %)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions:</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore fines</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">147</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">202</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(27.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore pellets</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">600.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Other ferrous products and services</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">216.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">173</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">209</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(17.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Nickel and other products <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">44</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">83.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Copper <SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">34</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">21</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">61.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals -total</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">78</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">45</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">73.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Others</TD>
    <TD STYLE="vertical-align: top; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">306</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">367</FONT></TD>
    <TD STYLE="border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(16.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total from continuing operations (excluding depreciation, depletion and amortization)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">557</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">621</P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">(10.3)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Depreciation, depletion and amortization</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">43</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">41</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total from continuing operations (including depreciation, depletion and amortization)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">600</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">662</P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right"></P>
    <P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: right">(9.4)</P></TD></TR>
  <TR>
    <TD STYLE="width: 61%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel operations.</TD></TR></TABLE>

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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Adjusted EBITDA by segment</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following table summarizes our Adjusted EBITDA for each of our segments.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023<BR>
Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022<BR>
Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(US$ million)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions:</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore fines</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2,638</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,934</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Iron ore pellets</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">667</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">837</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Other ferrous products and services</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">31</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron Solutions &ndash; total</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,320</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5,802</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Nickel and other products <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">353</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">525</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Copper <SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">220</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">226</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy Transition Metals &ndash; total</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">573</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">751</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Other <SUP>(3)</SUP></TD>
    <TD STYLE="vertical-align: top; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(317)</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(339)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Adjusted EBITDA from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,576</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6,214</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Adjusted EBITDA from discontinued operations (coal)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI,sans-serif; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">171</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Adjusted EBITDA</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3,576</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6,385</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">Includes sales and expenses of other products, services, research and development, investments in joint
ventures and associates of other business and unallocated corporate expenses.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The table below shows a reconciliation of our Adjusted EBITDA
with our net income for the periods indicated. Our management uses Adjusted EBITDA as the measure to assess the contribution of each segment
to our performance and to support decision-making in allocating resources. Adjusted
EBITDA is a non-GAAP measure, which is calculated for each segment using operating income or loss from continuing operations plus dividends
received and interest from associates and joint ventures and adding back the amounts charged as (i) depreciation, depletion and amortization
and (ii) impairment reversal (impairment and disposals) of non-current assets. For more information, see note 4 to our Interim Financial
Statements.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: #F9FDFD; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2023</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><B>(US$ million)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Net income from continuing operations attributable to Vale&rsquo;s shareholders</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,837</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,456</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Net income attributable to non-controlling interests</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">41</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">22</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Net income from continuing operations</B></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>1,878</B></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>4,478</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Depreciation, depletion and amortization</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">656</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">686</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Income taxes</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">418</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,091</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Financial results, net</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">530</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">242</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Equity results and other results in associates and joint ventures</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(211)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 10.1pt">Impairment and disposals (impairment reversal) of non-current assets <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">39</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">(1,072)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Adjusted EBITDA from continuing operations</B></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>3,576</B></P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>6,214</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt">Adjusted EBITDA from discontinued operations (coal)</TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">-</P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">171</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Adjusted EBITDA</B></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>3,576</B></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><B>6,385</B></P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Includes adjustment of US$35 in the three-month period ended March 31, 2023, to reflect the performance
of the streaming transactions at market prices.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We discuss below, for each segment, the changes in our net
operating revenues, cost of goods sold and services rendered (excluding depreciation, depletion and amortization), expenses (excluding
depreciation, depletion and amortization and excluding impairment charges) and Adjusted EBITDA. The expenses incurred in connection with
remediation, indemnification and donations in respect of the collapse of the Brumadinho dam are not directly related to our operating
activities and are therefore not allocated to any operating segment.</P>

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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Iron Solutions</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt"><I>Net
operating revenues from sales of Iron Solutions. </I>Total of US$6,411 million for the three-month period ended March 31, 2023, a 26.6%
decrease from US$8,734 million for the same period of 2022, mainly due to (i) lower realized average prices from iron ore fines and pellets,
reflecting the drop by 11.4% of the Platts IODEX 62%, with an impact of US$1,714 million, and (ii) lower iron ore fines sales volumes,
with an impact of US$803 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Cost
of goods sold and services rendered from Iron Solutions.</I></FONT> Excluding depreciation, depletion and amortization, increased by US$195
million or 7.2% to US$2,918 million for the three-month period ended March 31, 2023, from US$2,723 million for the same period of 2022.
This increase primarily reflects (i) increase in fixed costs (US$88 million), (ii) increase in prices of bunker and fuel in the Iron Solutions
segment, resulting in higher costs with oil and gas (US$70 million), (iii) higher expenses with mineral resources inspection fare (US$68
million) and (iv) higher costs related with acquisition of iron ore fines from third parties (US$61 million).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Net
expenses from Iron Solutions.</I></FONT> Total of US$173 million for the three-month period ended March 31, 2023, a decrease of US$36
million or 17.2% from US$209 million recorded for the same period of 2022, mainly due to lower expenses with operational stoppages.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Adjusted
EBITDA from Iron Solutions.</I></FONT> Total of US$3,320 million for the three-month period ended March 31, 2023, a decrease of US$2,482
million or 42.8%, when compared to our Adjusted EBITDA of US$5,802 million for the same period of 2022. This decrease mainly reflects
the reduction in the average realized price and sales volume. Our Adjusted EBITDA was also affected by higher unit costs mainly driven
by one-off cost effects, including anticipation of maintenance activities and lower production from Northern System.</P>


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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><B>Energy Transition Metals</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Net
operating revenues from sales of Energy Transition Metals.</I></FONT> Total of US$1,998 million for the three-month period ended March
31, 2023, in line with the US$1,932 million recorded for the same period of 2022.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I><BR>
Cost of goods sold from Energy Transition Metals. </I></FONT>Excluding depreciation, amortization and depletion, increased by US$246 million
or 21.7% for the three-month period ended March 31, 2023 to US$1,382 million in the three-month period ended March 31, 2023 from US$1,136
million for the same period of 2022, mainly due to higher costs associated with acquisition of third party products (US$129 million).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Net
expenses from Energy Transition Metals.</I></FONT> Total of US$78 million for the three-month period ended March 31, 2023, an increase
of US$33 million from US$45 million for the same period of 2022. This increase mainly reflects an increase of research and development
activities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Adjusted
EBITDA from Energy Transition Metals.</I></FONT> Total of US$573 million in the three-month period ended March 31, 2023, a decrease of
US$178 million or 23.7%, when compared to our Adjusted EBITDA of US$751 million for the same period of 2022. This decrease primarily reflects
higher costs with acquisition of third-party products, which were partially offset by higher average realized prices of nickel products.</P>

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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>Financial
results, net</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The following table details our financial results, net, for
the periods indicated.</P>

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Segoe UI Semilight,sans-serif; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; font-style: normal"><B>Three-month period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>2023</B></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; font: 10pt Times New Roman,serif; width: 20%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>2022</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><I>(US$ million)</I></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt">Financial income <SUP>(1)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">121</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt">Financial expenses <SUP>(2)</SUP></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(320)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(319)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt">Derivatives financial instruments</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">192</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">861</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt">Net foreign exchange losses, net</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(152)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(817)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt">Indexation gain (losses), net</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(324)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt">Financial guarantees</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">123</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt">Participative shareholders' debentures</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(47)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(249)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt"><B>Financial results, net</B></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>(530)</B></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman,serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>(242)</B></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Includes short&#45;term investments and other financial income (see note 6 to our Interim Financial Statements).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Includes loans and borrowings gross interest, capitalized loans and borrowing costs, interest expenses
of REFIS (a tax settlement program), interest on lease liabilities and others financial expenses (see note 6 to our Interim Financial
Statements).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2023, our financial
results, net, was a loss of US$530 million compared to a loss of US$242 million for the same period of 2022. Our financial results were
mostly impacted by (i) higher indexation losses related to the present value adjustments to our provisions, and (ii) lower gain on derivatives,
which decreased to US$192 million for the three-month period ended March 31, 2023, from US$861 million for the same period of 2022, which
was partially offset by foreign exchange loss. This effect is mainly due to our currency and interest rate swaps, following the Brazilian
<I>real</I> appreciation by 2.6% against the U.S. dollar in 2023, compared to a 15.1% appreciation of the Brazilian <I>real</I> in the
same period of 2022. These swaps are primarily used to convert debt denominated in Brazilian <I>reais</I> into U.S. dollars to protect
our cash flow from exchange rate volatility.</P>

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

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>Equity results
and other results in associates and joint ventures</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2023, the equity
results and other results in associates and joint ventures totaled a loss of US$55 million, compared to a gain of US$211 million for the
same period of 2022, representing a negative impact of R$266 million, mainly due to the impairment loss of US$121 million recorded by
our associate VLI S.A.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>Income taxes</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2023, we recorded
an income tax net expense of US$418 million, when compared to US$2,091 million for the same period of 2022. Our effective tax rate differed
from our statutory tax rate of 34%, principally due to tax incentives resulting from our iron ore, copper and nickel operations in the
North and Northeast regions of Brazil (impact of US$405 million), resulting in an effective tax rate of 18%. The reconciliation from statutory
tax rate to our effective tax rate is presented in note 7 to our Interim Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>Liquidity and Capital
Resources</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our principal funding requirements are for capital expenditures,
dividends payments, share buybacks, debt service, tax payments, dam de-characterization and satisfaction of our obligations relating to
the remediation and compensation of damages in connection with the Brumadinho dam collapse and any contribution we may be required to
make in connection with the remediation obligations related to the collapse of Fund&atilde;o dam owned by Samarco, pursuant to the Framework
Agreement. We expect to meet these requirements, in line with our historical practice, by using cash generated from operating activities
and financing activities.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We are constantly evaluating opportunities for additional
cash generation. Finally, we are committed to continue the reduction in our costs and expenses, maintain sound leverage levels and discipline
in capital allocation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>Sources of
funds</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our principal sources of funds are our operating cash flow
and financing activities. The amount of operating cash flow is strongly affected by global prices for our products. In the three-month
period ended March 31, 2023, net cash flow generated by operating activities amounted to US$3,610 million, compared to US$2,607 million
for the same period of 2022. As of March 31, 2023, our cash, cash equivalents and short-term investments totaled US$4,758 million, compared
to US$4,797 million as of December 31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the three-month period ended March 31, 2023, we borrowed
US$300 million with the Industrial and Commercial Bank of China indexed to SOFR and maturing in 2028, compared to US$425 million for the
same period of 2022.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman,serif; margin: 0"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>Uses of funds</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the ordinary course of business, our principal funding
requirements are for capital expenditures, dividend payments, taxes and debt service. In addition, in the three-month period ended March
31, 2023, we used a total amount of cash of US$235 million (US$187 million for the same period of 2022) in matters related to the collapse
of our dam in Brumadinho, of which US$70 million (US$8 million for the same period of 2022) in connection with obligations assumed under
settlement agreements, US$54 million (US$56 million for the same period of 2022) in tailings containment and geotechnical safety, individual
indemnification and other commitments and US$111 million (US$123 million for the same period of 2022) was in connection with tailing management,
humanitarian assistance, payroll, legal services, water supply, among others. In the three-month period ended March 31, 2023, we also
used a total amount of cash of US$78 million in matters related to the de-characterization of dams, compared to US$69 million for the
same period of 2022.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the three-month period ended March 31, 2023, we also used
a total amount of cash of US$77 million in matters related to the collapse of Samarco&rsquo;s dam, which has been entirely contributed
to Funda&ccedil;&atilde;o Renova to be used in the reparation programs, in accordance with the Framework Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Capital expenditures</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our capital expenditures in the three-month period ended March
31, 2023 amounted to US$1,130 million, including US$804 million dedicated to sustaining our existing operations and US$326 million for
project execution (construction in progress).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Distributions and repurchases</I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Distributions.</I></FONT>
In <FONT STYLE="font-family: Times New Roman,serif; font-weight: normal">the three-month period ended March 31, </FONT>2023,
we paid dividends and interest on shareholders&rsquo; equity in the total amount of US$1,823 million, of which US$1,386 million was minimum
mandatory remuneration, and US$437 million as additional remuneration.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-weight: normal"><I>Repurchases</I>.</FONT>
In <FONT STYLE="font-family: Times New Roman,serif; font-weight: normal">the three-month period ended March 31, </FONT>2023,
we repurchased 44,538,571 common shares and their respective ADRs, corresponding to the total amount of US$763 million.</P>



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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Tax payments</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We paid US$243 million in income tax in the three-month period
ended March 31, 2023, excluding the payments in connection with REFIS (a tax settlement program), compared to US$2,490 million in income
tax for the same period of 2022. In the three-month period ended March 31, 2023, we paid a total of US$94 million in connection with the
REFIS, compared to US$87 million for the same period of 2022.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B><I>Liability Management</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In the three-month period ended March 31, 2023, we repaid
US$39 million (US$395 million for the same period of 2022) under our financing agreements.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Debt</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of March&nbsp;31, 2023, our total outstanding debt was
US$11,464 million (including US$11,312&nbsp;million of principal and US$152&nbsp;million of accrued interest), compared with US$11,181&nbsp;million
as of December 31, 2022. As of March&nbsp;31, 2023, the weighted average of the remaining term of our debt was 8.4&nbsp;years, compared
to 8.7 years as of December 31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of March&nbsp;31, 2022, our short-term debt and the current
portion of long-term debt was US$355&nbsp;million, compared to US$307 million as of December 31, 2022, including accrued interest.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Our major categories of long&#45;term indebtedness are described
below. The principal amounts shown below, excluding accrued interest.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 35.85pt; text-align: justify; text-indent: 0cm"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; color: windowtext">U.S. dollar-denominated loans and financings (US$</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4,512
<FONT STYLE="color: windowtext">million as of March&nbsp;31, 2023 and US$</FONT>4,212 <FONT STYLE="color: windowtext">million as of December
31, 2022). This category includes export financing lines, loans from export credit agencies, and loans from commercial banks and multilateral
organizations;</FONT></FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; color: windowtext">U.S. dollar-denominated fixed rate notes (US$</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">6,157
<FONT STYLE="color: windowtext">million as of March&nbsp;31, 2023 and US$</FONT>6,157 <FONT STYLE="color: windowtext">million as of December
31, 2022). Our subsidiary Vale Overseas Limited has outstanding debt securities guaranteed by Vale totaling US$</FONT>5,593 <FONT STYLE="color: windowtext">million,
compared to US$</FONT>5,878 <FONT STYLE="color: windowtext">million as of December 31, 2022. Our subsidiary Vale Canada has outstanding
fixed rate note in the amount of US$</FONT>279<FONT STYLE="color: windowtext">&nbsp;million as of March 31, 2023, compared to US$</FONT>279
<FONT STYLE="color: windowtext">million as of December 31, 2022;</FONT></FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; color: windowtext">Other debt (US$</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">440
<FONT STYLE="color: windowtext">million as of March&nbsp;31, 2023 and US$</FONT>505 <FONT STYLE="color: windowtext">million as of December
31, 2022). We have outstanding debt, principally owed to BNDES, Brazilian commercial banks and holders of infrastructure debentures,
denominated in Brazilian reais and other currencies.</FONT></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of March&nbsp;31, 2023, we have two revolving credit facilities
with syndicates of international banks, which will mature in 2024 and 2026. The revolving credit lines, which are committed, allow more
efficient cash management, consistent with our strategic focus on reducing cost of capital. We currently have US$5 billion available under
these two revolving credit lines which can be drawn by Vale, Vale Canada and Vale International.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Some of our long-term debt instruments contain financial covenants
and most include cross acceleration provisions. 21.8% of the aggregate principal amount of our total debt require that we maintain, as
of the end of each quarter, (i)&nbsp;a consolidated ratio of total debt to adjusted EBITDA for the past 12&nbsp;months not exceeding 4.5
to one and (ii)&nbsp;a consolidated interest coverage ratio of at least 2.0 to one. These covenants appear in our financing agreements
with BNDES, with other export and development agencies and with some other lenders. As of March 31, 2023, we were in compliance with our
financial covenants.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As of March 31, 2023, the corporate financial guarantees we
provided (within the limit of our direct or indirect interest) for certain associates and joint ventures totaled US$264 million, compared
to US$1,522 million as of December 31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">In a broader view, the sum of our net debt, with other
commitments with respect to leases, currency swaps, and provisions for Brumadinho and Mariana reparations, increased in the three-month
period ended March 31, 2023 by US$218 million to US$14,358 million as of March 31, 2023, from US$14,140 million as of December 31, 2022.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_003"></A>Recent Developments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Sale of interest in Minera&ccedil;&atilde;o Rio do Norte
S.A. </B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On April 27, 2023, we entered into an agreement with Ananke
Alumina S.A., a subsidiary of Norsk Hydro ASA, to sell our 40% equity interest in Minera&ccedil;&atilde;o Rio do Norte S.A. (&ldquo;MRN&rdquo;),
along with all obligations and rights associated with our equity interest. The completion of this transaction is subject to regulatory
approvals. MRN, situated in the state of Par&aacute;, Brazil, is the country's largest producer and exporter of bauxite.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Recent Changes in our Board of Directors and Fiscal Council</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">On April 28, 2023, we held our Annual and Extraordinary Shareholders&rsquo;
Meeting, during which we elected the following members to our Board of Directors and Fiscal Council, all of whom will serve a term of
office until our Annual Shareholders&rsquo; Meeting in 2025:</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><U>Board of Directors</U>:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Daniel Andr&eacute; Stieler;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Marcelo Gasparino da Silva;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Andre Viana Madeira;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Douglas James Upton;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Fernando Jorge Buso Gomes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Jo&atilde;o Luiz Fukunaga;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Jos&eacute; Luciano Duarte Penido;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Luis Henrique Cals de Beauclair Guimar&atilde;es;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Manuel Lino Silva de Sousa Oliveira;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Paulo Cesar Hartung Gomes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Ms. Rachel de Oliveira Maia;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Shunji Komai; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Ms. Vera Marie Inkster.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Mr. Daniel Andr&eacute; Stieler has been appointed Chairman
of our Board of Directors, and Mr. Marcelo Gasparino da Silva has been appointed Deputy Chairman of our Board of Directors. Mr. Wagner
Vasconcelos Xavier has been elected an alternate member of Mr. Andre Viana Madeira, and both were elected by Vale&rsquo;s employees.</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Mr. Douglas James Upton, Mr. Jos&eacute; Luciano Duarte Penido,
Mr. Luis Henrique Cals de Beauclair Guimar&atilde;es, Mr. Manuel Lino Silva de Sousa Olivera, Mr. Marcelo Gasparino da Silva, Mr. Paulo
Cesar Hartung Gomes, Ms. Rachel de Oliveira Maia, and Ms. Vera Marie Inkster satisfy the independence criteria provided for by the Novo
Mercado Regulations of B3 S.A. - Brasil, Bolsa, Balc&atilde;o, CVM Resolution No. 80/2022, and our bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Below are the biographies of the members of our Board of Directors:</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Mr. Daniel Andr&eacute;
Stieler, please refer to page 151 of our 2022 annual report on Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Marcelo Gasparino da Silva</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Mr. Marcelo Gasparino
da Silva, please refer to page 152 of our 2022 annual report on Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Andre Viana Madeira</I></P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Member of the Board of Directors elected by Vale's
employees (where he has held the position of Alternate Member of Vale's Board of Directors since May 2021), where he also holds the position
of Non&#45;Independent Member of the Innovation Committee (since May 2022). Main experiences in the last five years: (i) non-independent
member of the defunct Vale Operational Excellence and Risk Committee (from May 2021 to December 2022); and (ii) Member of the Deliberative
Council of PASA/AMS (since 2022). Education: Graduated in Law at the Centro de Ensino Superior de ltabira, in December 2009, and in Theology
at Escola B&iacute;blica Permanente Si&atilde;o - EBPS, in July 2006, and is studying Law at Centro Universitario FUNCESI in the city
of Itabira.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Douglas James Upton </I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Independent member of Vale's Board of Directors.
Main experience in last five years: worked as: (i) partner responsible for investments in metals and mining at Capital Research Company
(August 2004 to January 2023). Education: Undergraduate degree in Science from University of Western Australia. 1981: Master's in Business
Administration from University of Western Australia, 1988.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Fernando Jorge Buso Gomes</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Mr. Fernando Jorge Buso
Gomes, please refer to page 150 of our 2022 annual report on Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Jo&atilde;o Luiz Fukunaga</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Member of Vale's Board of Directors. Main experience
in last five years: Worked as: (i) President of PREVI - Banco do Brasil Employees Pension Fund (since February/2023); (ii) Officer (2012
to February/2023), National Coordinator of the BB Employee Trading Commission (since 2019); Secretary of Legal Affairs since (2017), responsible
for the Organization and Administrative Support area (from 2020 to February/2023) and Union Auditor of the Bank Workers Union of S&atilde;o
Paulo (2022 to February /2023). Education: Undergraduate degree in History from Pontifical Catholic University of S&atilde;o Paulo - PUCSP,
2007; Master's in Social History from Pontifical Catholic University of S&atilde;o Paulo - PUC-SP, 2009.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Jos&eacute; Luciano Duarte Penido</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Mr. Jos&eacute; Luciano
Duarte Penido, please refer to page 150 of our 2022 annual report on Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Luis Henrique Cals de Beauclair Guimar&atilde;es</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Independent member of Vale&rsquo;s Board of Directors.
Main experiences in the last five years: Worked as: (i) Chief Executive Officer (since April/ 2020), member of the Board of Directors
(since July/2020) of Cosan S.A.; (ii) member of the Board of Directors (since April/2020), Chief Executive Officer (April/2016 to April/2020)
of Raizen S.A.; (iii) member of the Board of Directors of Compass Gase Energia S.A. (July/2020 to March/2023); (iv) member of the Board
of Directors of Companhia de Gas S&atilde;o Paulo &ndash; Comgas (December/2012 to March 2023); (v) Deputy Chairman of the Board of Directors
of Rumo S.A. (November/2020 to March/2023); (vi) member of the Board of Directors of Cosan Luber Invested Limited (since August /2020);
(vi) member of the Board of Directors of Cosan Lubrificantes e Especialidades S.A. (since October/ 2020); (viii) member of the Board of
Directors of Logum Logistica S.A. (since June/ 2016): (ix) Chief Executive Officer of the Brazilian Association of Listed Companies (ABRASCA):
(x) member of the Board of Directors of Radar Property Agrfco las S.A. (June/2020 to February/2023): (x i) member of the Board of Directors
of Radar II Property Agricolas S.A. (June/2020 to February/2023): (xii) member of the Board of Directors of Janus Brasil Participa&ccedil;&otilde;es
S.A. (June/2020 to February/2023); (xiii) member of the Board of Directors of Tellus Brasil Participa&ccedil;&otilde;es S.A. (June/ 2020
to February/2023); (xiv) member of the Board of Directors of Duguetiapar Empreendimentos e Participa&ccedil;&otilde;es S.A. (October/2020
to February/2023); (xv) member of the Board of Directors of Gamiovapar Empreendimentos e Participa&ccedil;&otilde;es S.A. (October/2020
to February/2023); (xvi) member of the Board of Directors of Rede lntegrada de Lojas de Conveniencia e Proximidade S.A. (October/2019
to February/2023); and (xvii) Chief Executive Officer (April/2016 to April/2020) and member of the Board of Directors (April /2020 to
June/ 2021) of Raizen Energia S.A. Education: Graduation in Statistical Sciences from the Brazilian Institute of Geography and Statistics
(IBGE) in 1987; MBA in Business Administration from Coppead Institute for Graduate Studies and Research in Business Administration - UFRJ
in 1993.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Manuel Lino Silva de Sousa Oliveira</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Mr. Manuel Lino Silva
de Sousa Oliveira, please refer to page 152 of our 2022 annual report on Form 20-F.</P>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Paulo Cesar Hartung Gomes</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Independent member of Vale's Board of Directors.
Main experience in last five years: Worked as: (i) Executive president of Iba - lndustria Brasileira de Arvores (since March 2019). Education:
Undergraduate degree in Economics from Espirito Santo Federal University, 1978.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Rachel de Oliveira Maia</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Ms. Rachel de Oliveira
Maia, please refer to page 153 of our 2022 annual report on Form 20-F.</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Member of Vale's Board of Directors. Main experience
in last five years: Worked as: (i) Senior Director, Vale businesses (since February 2023), deputy General Manager, new metals and aluminum
(July 2021 to October 2021) and General Manager, Brazilian business department (April 2012 to August 2020) at Mitsui &amp; CO. LTD.; (ii)
Vice president of Mitsui &amp; CO. (Brasil) S.A. (since February 2023); and (iii) CEO and President of Mitsui &amp; CO. Mineral Resources
Development (Asia) (November 2021 to January 2023). Education: Undergraduate degree in Arts, Foreign Languages from Dokkyo University,
1994.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Vera Marie Inkster</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Independent member of Vale's Board of Directors.
Main experience in last five years: Worked as: (i) member of Board of Directors, Chairwoman of Audit Committee and member of Remuneration
Committee at Lucara Diamond Corp (since June 2014); (ii) President (September 2018 to September 2021) and CEO (September 2018 to September
2021), Director (September 2018 to December 2021) and Chief Financial Officer (May 2009 to September 2018) of Lundin Mining Corp; and
(iii) President (November 2020 to January 2022) and Director (October 2018 to January 2022) of International Zinc Association. Education:
Undergraduate degree in Business Administration from St. Francis Xavier University, Canada, 1993; Chartered Professional Accountant graduate
qualification from Institute of Chartered Accountants of Ontario, 1998.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Gabriel Muricca Gal&iacute;polo (with Mr. Adriano Pereira de Paula as alternate member);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. M&aacute;rcio de Souza (with Ms. Ana Maria Loureiro Recart as alternate member);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Paulo Clovis Ayres Filho (with Mr. Guilherme Jos&eacute; de Vasconcelos Cerqueira as alternate member);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Raphael Manh&atilde;es Martins (with Ms. Adriana de Andrade Sol&eacute; as alternate member); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Ms. Helo&iacute;sa Belotti Bedicks (with Ms. Jandaraci Ferreira de Araujo as alternate member).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Below are the biographies of the members of our Fiscal Council:</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Gabriel Muricca Gal&iacute;polo</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Member of the Audit Committee. Main experiences
in the last five years: Professor of the PPPs and Concessions MBA at the S&atilde;o Paulo School of Sociology and Politics Foundation
(since 2007); Chairman of Banco Fator S.A. (2017 to 2021); Executive Secretary (since January 2023) of the Ministry of finance (Federal
Public Administration). Education: Graduated in Economic Sciences from PUC/SP in December 2004, completed a Master's/Specialization in
Political Economy from PUC/SP in December 2008.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>M&aacute;rcio de Souza</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Mr. M&aacute;rcio de Souza,
please refer to page 161 of our 2022 annual report on Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Paulo Clovis Ayres Filho</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Position: Member of the Audit Committee. Main experiences
in the last five years: He has held a number of roles at the British American Tobacco Company, both in Brazil and in the UK, where he
held duties from 1985 to 2019, going through areas like financial, controllership, treasury, investor relations, governance relations
and auditing. He also held the position of CEO and was responsible for the company's global strategy. Education: Graduated in Engineering
and Economics from University of S&atilde;o Paulo.</P>

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


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Raphael Manh&atilde;es Martins</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Mr. Raphael Manh&atilde;es
Martins, please refer to page 161 of our 2022 annual report on Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I>Helo&iacute;sa Belotti Bedicks</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">For information on the biography of Ms. Helo&iacute;sa Belotti
Bedicks, please refer to page 160 of our 2022 annual report on Form 20-F.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Recent Changes in our Advisory Committees </B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">On May 15, 2023, our Board of Directors approved the
appointment or reappointment, as the case may be, of the following members to compose the Advisory Committees of our Board of Directors,
all of whom will serve a term of office until our Annual Shareholders&rsquo; Meeting in 2025:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Audit and Risks Committee</U>: Manuel Lino Silva de Sousa Oliveira (Coordinator and Financial Specialist),
Rachel de Oliveira Maia and Vera Marie Inkster;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Capital Allocation and Projects Committee</U>: Luis Henrique Cals de Beauclair Guimar&atilde;es (Coordinator),
Daniel Andr&eacute; Stieler, Fernando Jorge Buso Gomes, Jos&eacute; Luciano Duarte Penido and Marcelo Gasparino da Silva;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Innovation Committee</U>: Jos&eacute; Luciano Duarte Penido (Coordinator), Fernando Jorge Buso Gomes,
Paulo Cesar Hartung Gomes, Shunji Komai and Wagner Vasconcelos Xavier;</TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Nomination and Governance Committee</U>: Daniel Andr&eacute; Stieler (Coordinator), Marcelo Gasparino
da Silva and Vera Marie Inkster;</TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>People and Compensation Committee</U>: Jo&atilde;o Luiz Fukunaga (Coordinator), Luis Henrique Cals
de Beauclair Guimar&atilde;es, Manuel Lino Silva de Sousa Oliveira and Shunji Komai; and</TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Sustainability Committee:</U> Rachel de Oliveira Maia (Coordinator), Jo&atilde;o Luiz Fukunaga, Paulo
Cesar Hartung Gomes and Andre Viana Madeira.</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Updates on legal proceedings</B></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As reported in our annual report on Form 20-F, in March 2023,
as part of a proceeding related to a potential increase on the number of territories recognized as affected by the collapse of Samarco's
Fund&atilde;o dam and covered by the TTAC, a federal court issued a decision ordering BHP Brasil and us to make judicial deposits in the
total amount of R$10.3 billion, to be divided between the companies. On April 28<SUP>th</SUP>, as requested in our appeal, the court granted
us an injunction suspending the deposit order. Authorities may appeal this decision. We will continue to vigorously contest this action,
which we believe is without merit.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">As described in our annual report on Form 20-F, we have entered
into an agreement to settle a public civil action brought by the labor prosecutor's office of the state of Par&aacute; before the labor
court of Marab&aacute;, related to work safety measures and access to Self-Rescue Zone of the Mirim dam, in Caraj&aacute;s. Although we
have complied with most of the obligations assumed in this settlement agreement, we have not yet concluded some of the measures required
under the agreement. Under the settlement agreement, we are subject to monetary penalties in case the breach persists after a cure period
established therein, but we cannot guarantee that authorities would not seek measures to suspend our operations at the Mirim dam, which
could cause the suspension of our Salobo operations. This dam has all licenses required to operate, and we expect to conclude all work
safety measures required under the agreement within the next months.</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 36pt">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>

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    <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>VALE S.A.</B></P>
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    <TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">&nbsp;/s/ Ivan Fadel</FONT></TD></TR>
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    <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Name: Ivan Fadel</P>
    <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Title: Head of Investor Relations</P></TD></TR>
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    <TD STYLE="font: 10pt Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif">Date: &#9;June 7, 2023</FONT></TD>
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