<SEC-DOCUMENT>0001292814-23-001542.txt : 20230414
<SEC-HEADER>0001292814-23-001542.hdr.sgml : 20230414
<ACCEPTANCE-DATETIME>20230413181541
ACCESSION NUMBER:		0001292814-23-001542
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20230414
DATE AS OF CHANGE:		20230413

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:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271248
		FILM NUMBER:		23819361

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALE OVERSEAS LTD
		CENTRAL INDEX KEY:			0001169446
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271248-01
		FILM NUMBER:		23819362

	BUSINESS ADDRESS:	
		STREET 1:		AV. GRACA ARANHA
		STREET 2:		#26
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			2005-900
		BUSINESS PHONE:		011552138144845

	MAIL ADDRESS:	
		STREET 1:		PO BOX 908
		STREET 2:		GT WALKER HOUSE
		CITY:			GEORGETOWN
		STATE:			E9
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>vale20230413_f3.htm
<DESCRIPTION>FORM F-3
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>As filed with the Securities and Exchange Commission on April 13, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>


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<P STYLE="font: 16pt/20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Form F-3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933</B></P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><B>Vale S.A.</B></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center; text-indent: 0.9pt"><B>Vale Overseas Limited</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Exact name of each Registrant as specified in its
charter)</I></P>


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    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>The Federative Republic of Brazil</B></FONT></TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(State or other jurisdiction of incorporation or organization)</I></FONT></TD></TR>
  </TABLE>

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    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(I.R.S. employer identification number)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Praia de Botafogo 186 - offices 1101, 1701 and 1801
    - Botafogo</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>22250-145 Rio de Janeiro, RJ, Brazil</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>+55-21-3485-5000</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Cogency Global Inc.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP>
    Floor, </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10168</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(800) 221-0102</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(Address and telephone number of<BR>
Registrants&#8217; principal executive offices) </I></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(Name, address and telephone number of<BR>
agent for service)</I></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>Copy to:<BR>
Jonathan Mendes de Oliveira<BR>
Cleary Gottlieb Steen &amp; Hamilton LLP<BR>
One Liberty Plaza<BR>
New York, NY 10006<BR>
(212) 225-2000</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><I>Approximate
date of commencement of proposed sale to the public: </I>From time to time after the effective date of this registration statement, as
determined in light of market conditions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the
following box.&#9;</FONT>[_]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, please check the following box.&#9;</FONT>[X]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering. &#9;</FONT>[_]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9;</FONT>[_]</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act of 1933, check the following box. &#9;</FONT>[_]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9;</FONT>[_]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. Emerging growth
company &#9;</FONT>[_]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 7(a)(2)(B) of the Securities Act.&#9;</FONT>[_]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 18.9pt 12pt 0; text-align: justify; text-indent: 0in">&#8224; The term &#8220;new
or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.2in">The Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment that specifically states
that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until
the Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a) of the Act, may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.2in; text-align: center; color: #7F007F"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 25.9pt"><B>PROSPECTUS</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="vale20230413f3_001.jpg" ALT="LogoVale" STYLE="height: 67px; width: 154px"></P>

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

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Vale S.A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Debt Securities and Guarantees</B></P>

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

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

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Vale Overseas Limited</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Guaranteed Debt Securities</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0in">Vale S.A. may offer debt securities
from time to time, and Vale Overseas Limited may offer debt securities guaranteed by Vale S.A. from time to time. A prospectus supplement
will set forth the specific terms of the securities, the offering price and the specific manner in which they may be offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We may sell these debt securities
directly or to or through underwriters or dealers, and also to other purchasers or through agents. The names of any underwriters or agents
will be set forth in the prospectus supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>Neither the U.S. Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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<P STYLE="font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 0 0.2in; text-align: center">April 13, 2023</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; border-bottom: black 2.25pt solid">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Table of Contents</P>



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  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_001">About this Prospectus</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_002">Enforcement of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_003">Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_004">Vale S.A.</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_005">Vale Overseas Limited</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_006">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_007">Legal Ownership of Debt Securities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_008">Description of the Debt Securities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_009">Description of the Guarantees</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_010">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_011">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_012">Validity of the Securities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_013">Data Protection</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_014">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_015">Incorporation of Certain Documents by Reference</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">We are responsible for the information contained
in this prospectus, any accompanying prospectus supplement and the documents incorporated by reference herein and therein. We have not
authorized any person to give you any other information, and we take no responsibility for any other information that others may give
you. This document may only be used where it is legal to sell these securities. You should not assume that the information contained in
this prospectus, any accompanying prospectus supplement and the documents incorporated by reference is accurate as of any date other than
their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates. We
are not making an offer of these securities in any state where the offer is not permitted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">This prospectus is part of
a registration statement that we filed with the U.S. Securities and Exchange Commission, which we refer to as the SEC, using a &#8220;shelf&#8221;
registration process. Under this shelf process, Vale may offer debt securities, and Vale Overseas may offer debt securities guaranteed
by Vale, in one or more offerings, up to the amount registered pursuant to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">This prospectus provides
you only with a general description of the debt securities and guarantees that we may offer. Each time we offer debt securities pursuant
to this prospectus, we will attach a prospectus supplement to the front of this prospectus that will contain specific information about
the particular offering and the terms of those debt securities. We may also add, update or change other information contained in this
prospectus by means of a prospectus supplement or by incorporating by reference information we file with the SEC. The registration statement
on file with the SEC includes exhibits that provide more detail on the matters discussed in this prospectus. Before you invest in any
debt securities offered by this prospectus, you should read this prospectus, any related prospectus supplements and the related exhibits
filed with the SEC, together with the additional information described under the heading &#8220;Where You Can Find More Information&#8221;
and &#8220;Incorporation of Certain Documents by Reference.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">In this prospectus, unless
otherwise specified or the context otherwise requires, references to &#8220;Vale&#8221; are to Vale S.A. and its consolidated subsidiaries.
References to &#8220;Vale Overseas&#8221; are to Vale Overseas Limited. Terms such as &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221;
generally refer to one or both of Vale and Vale Overseas, as the context may require.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_002"></A>ENFORCEMENT OF CIVIL LIABILITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Brazil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">A final conclusive judgment for the payment of
money rendered by any New York State or federal court sitting in New York City in respect of the securities would be recognized in the
courts of Brazil and such courts would enforce such judgment without any retrial or reexamination of the merits of the original action
only if such judgment has been ratified by the Brazilian Superior Court of Justice (<I>Superior Tribunal de Justi&ccedil;a</I>). This
ratification is available only if the judgment:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">is for payment of a certain sum of money;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">fulfills all formalities required for its enforceability under the laws of the State of New York;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">was issued by a competent court either after due service of process on the parties, which service of
process, if made in Brazil, must comply with Brazilian law, or after sufficient evidence of the parties&#8217; absence has been given,
as established pursuant to applicable law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">is not subject to appeal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">does not conflict with a final and unappealable decision issued by a Brazilian court;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">has been authenticated by a Brazilian consulate in the State of New York or is duly apostilled in accordance
with the Convention Abolishing the Requirement of Legalization for Foreign Public Documents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">has been translated into Portuguese by a certified sworn translator, except if exempted by an international
treaty entered into by Brazil;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">does not cover matters subject to the exclusive jurisdiction of the Brazilian courts; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">is not against Brazilian public policy, good morals or national sovereignty.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The following considerations also bear on the
enforcement of civil liabilities in Brazil.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Civil actions may be brought before Brazilian courts in connection with this prospectus supplement based
on the federal securities laws of the United States, and Brazilian courts may enforce such liabilities in such actions against Vale (provided
that the relevant provisions of the federal securities laws of the United States do not contravene Brazilian public policy, good morals
or national sovereignty and provided further that Brazilian courts can assert jurisdiction over the particular action).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The ability of a judgment creditor to satisfy a judgment by attaching certain assets of the defendant
is limited by Brazilian law. In addition, a Brazilian or foreign plaintiff who resides abroad or is abroad during the course of a suit
in Brazil must post a bond to cover the legal fees and court expenses of the defendant, unless there are real estate assets in Brazil
to assure payment thereof, except in case of execution actions or counterclaims as established under the first paragraph of Article 83
of the Brazilian Code of Civil Procedure.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Notwithstanding the foregoing, no assurance can
be given that ratification would be obtained, that the process described above could be conducted in a timely manner or that a Brazilian
court would enforce a monetary judgment for violation of the U.S. securities laws with respect to the securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>Cayman Islands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale Overseas has been advised by its Cayman Islands
counsel, Walkers (Cayman) LLP, that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United
States, the courts of the Cayman Islands will, based on the principle that a judgment by a competent foreign court imposes upon the judgment
debtor an obligation to pay the sum for which judgment has been given, recognize and enforce a foreign judgment of a court having jurisdiction
over a defendant according to Cayman Islands conflict of law rules, by way of fresh proceedings brought in the Cayman Islands suing for
the amounts due pursuant to the foreign judgment. To be so enforced the foreign judgment must be final and conclusive and for a liquidated
sum (or, in certain circumstances, for <I>in personam</I> non-money relief) and not in respect of taxes or a fine or penalty or similar
fiscal or revenue obligations or of a kind inconsistent with a Cayman Islands judgment in respect of the same matters or obtained in a
manner, and is not of a kind the enforcement of which is, contrary to natural justice, statute or the public policy of the Cayman Islands.
There is doubt, however, as to whether the courts of the Cayman Islands will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">recognize or enforce judgments of U.S. courts based on the civil liability provisions of the securities
laws of the United States or any state thereof; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in original actions brought in the Cayman Islands, impose liabilities upon
the civil liability provisions of the securities laws of the United States or any state thereof, </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.25in">in each case, on
the grounds that such provisions are penal in nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">A Cayman Islands court may stay proceedings if
concurrent proceedings are being brought elsewhere.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_003"></A>FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Some of the information contained or incorporated
by reference in this prospectus and the accompanying prospectus supplement may constitute forward-looking statements. Many of those forward-looking
statements can be identified by the use of forward-looking words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221;
&#8220;expect,&#8221; &#8220;should,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;estimate&#8221;, &#8220;target,&#8221;, &#8220;ambition,&#8221;
and &#8220;potential,&#8221; among others. Those statements appear in a number of places and include statements regarding our intent,
belief or current expectations with respect to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">trends in commodity prices, supply and demand for commodities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the future impact of competition and regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the exploration of mineral reserves and resources and development of mining facilities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the depletion and exhaustion of mines and mineral reserves and resources;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the impact of the collapse of the tailings dam in Brumadinho in 2019, the collapse of Samarco&#8217;s
tailings dam in 2015, and related remediation measures on our operations, cash flows and financial position;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the implementation of our dam de-characterization plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the outcome of the various investigations, regulatory, governmental, uncertain tax treatments and legal
proceedings in which we are involved;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the impact of the ongoing war in Ukraine and the economic sanctions imposed on Russia, and their impact
on the global economy, which are highly uncertain and difficult to predict;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our direction and future operations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the implementation of our financing strategy and capital expenditure plans;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the payment of dividends or interest on shareholders&#8217; equity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">compliance with financial covenants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">industry trends, including the direction of prices and expected levels of supply and demand;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the implementation of our principal operating strategies, including our potential participation in acquisition,
divestiture or joint venture transactions or other investment opportunities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our ability to comply with our ESG targets and commitments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">other factors or trends affecting our financial condition or results of operations; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the factors discussed in other documents incorporated by reference in this prospectus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We caution you that forward-looking statements
are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in forward-looking
statements as a result of various factors. These risks and uncertainties include factors relating to (a) economic, political and social
issues in the countries in which we operate, (b) the global economy, (c) commodity prices, (d)&nbsp;financial and capital markets, (e)
the mining and metals businesses, which are cyclical in nature, and their dependence upon global industrial production, which is also
cyclical, (f) regulation and taxation, (g)&nbsp;operational incidents or accidents, and (h)&nbsp;the high degree of global competition
in the markets in which we operate. For additional information on some factors that </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">could cause our actual results to differ from expectations reflected
in forward-looking statements, please see &#8220;<I>Risk Factors</I>&#8221; in our SEC reports incorporated by reference in this prospectus.
Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of
new information or future developments. All forward-looking statements attributed to us or a person acting on our behalf are expressly
qualified in their entirety by this cautionary statement, and you should not place undue reliance on any forward-looking statement included
in this prospectus or any accompanying prospectus supplement.</P>


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<P STYLE="font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center"><A NAME="a_004"></A><B>VALE S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We are one of the largest metals and mining companies
in the world, based on market capitalization, and one of the world&#8217;s largest producers of iron ore and nickel. We also produce iron
ore pellets and copper. Our nickel and copper concentrates contain by-products of platinum group metals (PGMs), gold, silver and cobalt.
We are engaged in greenfield mineral exploration in six countries. We operate large logistics systems in Brazil and other regions in the
world, including railroads, maritime terminals and ports, which are integrated with our mining operations. In addition, we have distribution
centers to support the delivery of iron ore worldwide. Directly and through associates and joint ventures, we also have investments in
energy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale is a stock corporation, or <I>sociedade por
a&ccedil;&otilde;es</I>, that was organized on January 11, 1943 under the laws of the Federative Republic of Brazil for an unlimited period
of time. Vale&#8217;s head office is located at Praia de Botafogo 186, offices 1101, 1701 and 1801, Botafogo, 22250-145, Rio de Janeiro,
RJ, Brazil. Its telephone number is +55-21-3485-5000.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><A NAME="a_005"></A><B>VALE OVERSEAS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale Overseas is a finance company wholly owned
by Vale. Vale Overseas&#8217; business is to issue debt securities to finance the activities of Vale and Vale&#8217;s subsidiaries and
affiliates. It has no other operations and no employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale Overseas was incorporated as a Cayman Islands
exempted company with limited liability on April 3, 2001, and is registered with the Registrar of Companies in the Cayman Islands under
registration number 109351. Vale Overseas was incorporated for an indefinite period of time. Its registered office is at Intertrust Corporate
Services (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands, and its principal executive offices are located
at Praia de Botafogo 186, offices 1101, 1701 and 1801, Botafogo, 22250-145, Rio de Janeiro, RJ, Brazil. Its telephone number is +55-21-3485-5000.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><A NAME="a_006"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Vale</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless otherwise indicated in an accompanying
prospectus supplement, Vale intends to use the net proceeds from the sale of the debt securities for general corporate purposes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Vale Overseas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless otherwise indicated in an accompanying
prospectus supplement, Vale Overseas intends to on-lend the net proceeds from the sale of the debt securities to Vale or Vale&#8217;s
subsidiaries and affiliates.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_007"></A>LEGAL OWNERSHIP OF DEBT SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">In this prospectus and in any prospectus supplement,
when we refer to the &#8220;holders&#8221; of debt securities as being entitled to specified rights or payments, we mean only the actual
legal holders of the debt securities. While you will be the holder if you hold a security registered in your name, more often than not
the registered holder will actually be either a broker, bank, other financial institution or, in the case of a global security, a depositary.
Our obligations, as well as the obligations of the trustee, any registrar, any depositary and any third parties employed by us or the
other entities listed above, run only to persons who are registered as holders of our debt securities, except as may be specifically provided
for in a contract governing the debt securities. For example, once we make a payment to the registered holder, we have no further responsibility
for the payment even if that registered holder is legally required to pass the payment along to you as a street name customer but does
not do so.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Street Name and Other Indirect Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Holding debt securities in accounts with banks
or brokers is called holding in &#8220;street name.&#8221; If you hold our debt securities in street name, we will recognize only the
bank or broker, or the financial institution that the bank or broker uses to hold the debt securities, as a holder. These intermediary
banks, brokers, other financial institutions and depositaries pass along to you, as an indirect holder, principal, interest, dividends
and other payments, if any, on the debt securities, either because they agree to do so in their customer agreements or because they are
legally required to do so. This means that if you are an indirect holder, you will need to coordinate with the institution through which
you hold your interest in a security in order to determine how the provisions involving holders described in this prospectus and any prospectus
supplement will actually apply to you. For example, if the debt security in which you hold a beneficial interest in street name can be
repaid at the option of the holder, you cannot redeem it yourself by following the procedures described in the prospectus supplement relating
to that security. Instead, you would need to cause the institution through which you hold your interest to take those actions on your
behalf. Your institution may have procedures and deadlines different from or additional to those described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If you hold our debt securities in street name
or through other indirect means, you should check with the institution through which you hold your interest in a security to find out,
among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">how it handles payments and notices with respect to the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether it imposes fees or charges;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">how it handles voting, if applicable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">how and when you should notify it to exercise on your behalf any rights or options that may exist under
the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether and how you can instruct it to send you debt securities registered in your own name so you can
be a direct holder; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">how it would pursue rights under the debt securities if there were a default or other event triggering
the need for holders to act to protect their interests.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Global Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">A global security is a special type of indirectly
held security. If we issue debt securities in the form of global securities, the ultimate beneficial owners can only be indirect holders.
We do this by requiring that the global security be registered in the name of a financial institution we select and by requiring that
the debt securities included in the global security not be transferred to the name of any other direct holder unless the special circumstances
described below occur. The financial institution that acts as the sole direct holder of the global security is called the &#8220;depositary.&#8221;
Any person wishing to own a security issued in global form must do so indirectly through an account with a broker, bank or other financial
institution that in turn has an account with the depositary. The prospectus supplement will indicate whether the debt securities will
be issued only as global securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">As an indirect holder, your rights relating to
a global security will be governed by the account rules of your financial institution and of the depositary, as well as general laws relating
to securities transfers. We will not recognize you as a holder of the debt securities and instead will deal only with the depositary that
holds the global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">You should be aware that if our debt securities
are issued only in the form of global securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You cannot have the debt securities registered in your own name;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You cannot receive physical certificates for your interest in the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You will be a street name holder and must look to your own bank or broker for payments on the debt securities
and protection of your legal rights relating to the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">You may not be able to sell interests in the debt securities to some insurance companies and other institutions
that are required by law to own their debt securities in the form of physical certificates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The depositary&#8217;s policies will govern payments, dividends, transfers, exchange and other matters
relating to your interest in the global security. We, the trustee and any registrar have no responsibility for any aspect of the depositary&#8217;s
actions or for its records of ownership interests in the global security. We, the trustee and any registrar also do not supervise the
depositary in any way; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">The depositary will require that interests in a global security be purchased or sold within its system
using same-day funds for settlement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">In a few special situations described below, a
global security representing our debt securities will terminate and interests in it will be exchanged for physical certificates representing
the debt securities. After that exchange, the choice of whether to hold debt securities directly or in street name will be up to you.
You must consult your bank or broker to find out how to have your interests in the debt securities transferred to your name, so that you
will be a direct holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless we specify otherwise in a prospectus supplement,
the special situations in which a global security representing our debt securities will terminate are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the depositary has notified us that it is unwilling or unable to continue as depositary for such global
security or the depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time
when such depositary is required to be so registered in order to act as depositary, and, in each case, we do not or cannot appoint a successor
depositary within 90 days; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Vale, or Vale Overseas, as applicable, decides in its sole discretion to allow some or all book-entry
securities to be exchangeable for definitive securities in registered form.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">A prospectus supplement may also list additional
situations for terminating a global security that would apply only to the particular series of debt securities covered by such prospectus
supplement. When a global security terminates, the depositary (and not us, the trustee or any registrar) is responsible for deciding what
institutions will be the initial direct holders.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_008"></A>DESCRIPTION OF THE DEBT SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><I>The following briefly summarizes the material
provisions of the debt securities and the indentures that will govern the debt securities, other than pricing and related terms and other
specifications that will be disclosed in a prospectus supplement. You should read the more detailed provisions of the applicable indenture,
including the defined terms, for provisions that may be important to you. You should also read the particular terms of your series of
debt securities, which will be described in more detail in a prospectus supplement. All references to Vale in this section refer to Vale
S.A., and not to its consolidated subsidiaries.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indentures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Any debt securities and guarantees that we issue
will be governed by an indenture. The trustee under the indenture has two main roles:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">First, the trustee can enforce your rights against Vale and Vale Overseas if Vale or Vale Overseas defaults.
There are some limitations on the extent to which the trustee acts on your behalf, described below under &#8220;&#8212;Events of Default.&#8221;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Second, the trustee performs administrative duties for us, such as sending principal and interest payments
to you, transferring your debt securities to a new buyer if you sell and sending notices to you.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale will issue debt securities under the Indenture
dated as of August 4, 2021 between Vale, as issuer, and The Bank of New York Mellon, as trustee, which we refer to as the Vale indenture.
Vale Overseas will issue debt securities guaranteed by Vale under the Amended and Restated Indenture dated as of August 4, 2021 among
Vale Overseas, as issuer, Vale, as guarantor, and The Bank of New York Mellon, as trustee, which we refer to as the Vale Overseas indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The indentures and their associated documents
contain the full legal text of the matters described in this section. We have agreed in each indenture that New York law governs the indenture
and the debt securities. We have filed a copy of the Vale indenture and the Vale Overseas indenture with the SEC as exhibits to our registration
statement. We have consented in each indenture to the non-exclusive jurisdiction of any U.S. federal and state courts sitting in the borough
of Manhattan in the City of New York. (<I>Sections 1.12 and 1.14</I>)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Types of Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">This section summarizes material terms of the
debt securities that are common to all series and to both the Vale and Vale Overseas indentures, unless otherwise indicated in this section
or in the prospectus supplement relating to a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Because this section is a summary, it does not
describe every aspect of the debt securities. This summary is subject to and qualified in its entirety by reference to all the provisions
of the indentures, including the definition of various terms used in the indentures. For example, we describe the meanings for only the
more important terms that have been given special meanings in the indentures. We also include references in parentheses to some sections
of the indentures. Whenever we refer to particular sections or defined terms of the indentures in this prospectus or in any prospectus
supplement, those sections or defined terms are incorporated by reference herein or in such prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We may issue original issue discount securities,
which are debt securities that are offered and sold at a substantial discount to their stated principal amount. We may also issue indexed
securities or securities denominated in currencies other than the U.S. dollar, currency units or composite currencies, as described in
more detail in the prospectus supplement relating to any such debt securities. We will describe the U.S. federal income tax consequences
and any other special considerations applicable to original issue discount, indexed or foreign currency debt securities in the applicable
prospectus supplement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">In addition, the material financial, legal and
other terms particular to a series of debt securities will be described in the prospectus supplement relating to that series. Those terms
may vary from the terms described here. Accordingly, this summary also is subject to and qualified by reference to the description of
the terms of the series described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">In addition, the prospectus supplement will state
whether we will list the debt securities of the series on any stock exchanges and, if so, which ones.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Form, Exchange and Transfer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The debt securities will be issued, unless otherwise
indicated in the applicable prospectus supplement, in any integral multiples of US$1,000 thereof. (<I>Section 3.2</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">You may have your debt securities broken into
more debt securities of smaller authorized denominations or combined into fewer debt securities of larger authorized denominations, as
long as the total principal amount is not changed. This is called an exchange. (<I>Section 3.4</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">You may exchange or transfer your registered debt
securities at the office of the trustee. The trustee acts as our agent for registering debt securities in the names of holders and transferring
registered debt securities. The entity that maintains the list of registered holders is called the &#8220;security registrar.&#8221; It
will also register transfers of the registered debt securities. (<I>Sections 3.4 and 10.2</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">You will not be required to pay a service charge
for any registration of transfer or exchange of the debt securities, but you may be required to pay any tax or other governmental charge
associated with the registration of transfer or exchange. The registration of transfer or exchange of a registered debt security will
only be made if you have duly endorsed the debt security or provided the security registrar with a written instrument of transfer satisfactory
in form to the security registrar. (<I>Section 3.4</I>)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Payment and Paying Agents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If your debt securities are in registered form,
we will pay interest to you if you are listed in the trustee&#8217;s records as a direct holder at the close of business on a particular
day in advance of each due date for interest, even if you no longer own the security on the interest due date. That particular day is
called the &#8220;regular record date&#8221; and will be stated in the prospectus supplement. (<I>Sections 3.6 and 3.1.5</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We will pay interest, principal, additional amounts
and any other money due on global registered debt securities pursuant to the applicable procedures of the depositary or, if the debt securities
are not in global form, at our office or agency maintained for that purpose in New York City. We may also choose to pay interest by mailing
checks. We may also arrange for additional payment offices, and we may cancel or change our use of these offices, including the trustee&#8217;s
corporate trust office. These offices are called &#8220;paying agents.&#8221; We may also choose to act as our own paying agent. (<I>Sections
2.2, 10.2 and 10.3</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Regardless of who acts as paying agent, all money
that we pay as principal, premium or interest to a paying agent, or then held by us in trust, that remains unclaimed at the end of two
years after the amount is due to a direct holder will be repaid to us or (if then held in trust) discharged from trust. After that two-year
period, direct holders may look only to us for payment and not to the trustee, any other paying agent or anyone else. (<I>Section 10.3</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>Street name and other indirect holders should
consult their banks or brokers for information on how they will receive payments.</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Notices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We and the trustee will send notices only to direct
holders, using their addresses as listed in the trustee&#8217;s records. (<I>Section 1.6</I>)</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Modification and Waiver</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides several categories of
changes that can be made to the indenture and the debt securities. Such changes may or may not require the consent of the holders, as
described below. A supplemental indenture will be prepared if holder approval is required.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Changes Requiring Each Holder&#8217;s Approval</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides that there are changes
to the indenture that cannot be made without the approval of each holder of the outstanding debt securities affected thereby. Those types
of changes are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a change in the stated maturity of any principal of, or any installment of principal of or interest
payment on the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a reduction in the principal amount, the interest rate, the redemption price for the debt securities
or the principal amount that would be due and payable upon acceleration;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a change in the obligation to pay additional amounts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a change in the currency of any payment on the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a change in the place of any payment on the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">an impairment of the holder&#8217;s right to sue for payment of any amount due on its securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a change in the terms of payment from, or control over, or release or reduction of any collateral or
security interest to secure the payment of principal, interest or premium, if any, under any debt security; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a reduction in the percentage in principal amount of the outstanding debt securities needed to change
the indenture or the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a reduction in the percentage in principal amount of the outstanding debt securities needed to waive
compliance with the indenture or to waive defaults; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a modification of the sections of the indenture relating to supplemental indentures, waiver with the
consent of holders or waiver of past defaults, except to increase the percentage of holders required to make a revision or to provide
that certain other provisions of the indenture cannot be modified or waived without the approval of each holder of the debt securities.
(<I>Section 9.2</I>)</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Changes Not Requiring Holders&#8217; Approval</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides that some changes do not
require any approval by holders of outstanding debt securities under that indenture. This type of change includes clarifications of ambiguities,
omissions, defects and inconsistencies, changes to conform the provisions contained in a relevant indenture to the description of debt
securities contained in this prospectus or an applicable prospectus supplement, amendments to evidence the substitution of Vale Overseas
as issuer of any series of debt securities, as described under &#8220;&#8212;<I>Substitution of Vale Overseas as issuer,&#8221;</I> and
amendments, supplements and other changes that would not adversely affect the holders of outstanding debt securities under the indenture
in any material respect, such as adding covenants, additional events of default or successor trustees. (Section 9.1)</P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Changes Requiring Majority Approval</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides that other changes to
the indenture and the outstanding debt securities under the indenture and any waiver of any provision of the indenture must be approved
by the holders of a majority in principal amount of each series of debt securities affected by the change or waiver. The required approval
must be given by written consent. (<I>Section 9.2</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides that the same majority
approval would be required for Vale or Vale Overseas to obtain a waiver of any of its covenants in the applicable indenture. The covenants
of Vale and Vale Overseas in each indenture include the promises Vale and Vale Overseas make about merging and creating liens on their
assets, which are described below under &#8220;&#8212;Certain Covenants&#8212;Mergers and Similar Transactions&#8221; and &#8220;&#8212;Certain
Covenants&#8212;Limitation on Liens.&#8221; If the holders approve a waiver of a covenant, Vale and Vale Overseas will not have to comply
with that covenant. The holders, however, cannot approve a waiver of any provision in the debt securities or the indentures, as it affects
any security, that Vale and Vale Overseas cannot change without the approval of the holder of that security as described above in &#8220;&#8212;Changes
Requiring Each Holder&#8217;s Approval,&#8221; unless that holder approves the waiver. <I>(Section 9.2</I>)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Voting Mechanics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Debt securities will not be considered outstanding,
and therefore will not be eligible to vote, if we have deposited or set aside in trust money for their payment, repurchase or redemption.
Debt securities held by Vale Overseas, Vale or their affiliates are not considered outstanding. (<I>Section 1.1</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale or Vale Overseas will generally be entitled
to set any day as a record date for the purposes of determining the holders of outstanding debt securities that are entitled to vote or
take other action under the applicable indenture. In limited circumstances, the trustee, and not Vale or Vale Overseas, will be entitled
to set a record date for action by holders. If a record date is set for a vote or other action to be taken by holders of a particular
series, that vote or action may be taken only by persons who are holders of outstanding debt securities of that series on the record date
and must be taken within 180 days following the record date or another period that we or the trustee, as applicable, may specify. This
period may be shortened or lengthened (but not beyond 180 days). (<I>Sections 1.4.5, 1.4.6 and 1.4.7</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>Street name and other indirect holders should
consult their banks or brokers for information on how approval may be granted if we seek to change the indenture or the debt securities
or request a waiver.</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless otherwise indicated in the applicable prospectus
supplement, your debt security will not be entitled to the benefit of any sinking fund; that is, we will not deposit money on a regular
basis into any separate custodial account to repay your debt securities. In addition, other than as set forth in &#8220;&#8212;Optional
Tax Redemption&#8221; below, unless otherwise specified in the applicable prospectus supplement, we will not be entitled to redeem your
debt security before its stated maturity. (<I>Section 11.1.1</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If the applicable prospectus supplement specifies
a redemption date, it will also specify one or more redemption prices, which may be expressed as a percentage of the principal amount
of your debt security or by reference to one or more formula used to determine the redemption price. It may also specify one or more redemption
periods during which the redemption prices relating to a redemption of debt securities during those periods will apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If the applicable prospectus supplement specifies
a redemption commencement date, we may redeem your debt security at our option at any time on or after that date. If we redeem your debt
security, we will do so at the specified redemption price, together with interest accrued to the redemption date. If different prices
are specified for different redemption periods, the price we pay will be the price that applies to the redemption period during which
your debt security is redeemed. If less than all of the debt securities are redeemed, the trustee will authenticate and deliver to the
holder of such debt securities without service charge, a new debt security or securities of the same series and of like tenor, of any
authorized denomination as requested by such holder, in aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the debt security so surrendered. If less than all of the debt securities are redeemed, the debt securities to be
redeemed will be selected in accordance with the applicable procedures of the depositary, or in the case of certificated debt securities
by lot or, <I>pro rata</I>, or in accordance with the applicable procedures. <I>(Section 11.5)</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">In the event that we exercise an option to redeem
any debt security, we will give to the trustee and the holder written notice of the principal amount of the debt security to be redeemed,
not less than 30 days nor more than 60 days before the applicable redemption date. We will give the notice in the manner described above
under &#8220;&#8212;Notices.&#8221; (<I>Section 11.2</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Subject to any restrictions described in the prospectus
supplement, we or our affiliates may purchase debt securities from investors who are willing to sell from time to time, either in the
open market at prevailing prices or in private transactions at negotiated prices. Debt securities that we or they purchase may, in our
discretion, be held, resold or canceled.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Optional Tax Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless otherwise indicated in a prospectus supplement,
we will have the option to redeem the debt securities in whole (but not in part) if, (i) as a result of a change in or amendment to any
laws (or any rules or regulations thereunder) or the official interpretation, administration or application of any laws, rules or regulations,
(a) in the case of securities issued under the Vale indenture, we are required to pay additional amounts, as described below under &#8220;&#8212;Payment
of Additional Amounts,&#8221; in excess of those attributable to Brazilian withholding tax on the basis of a statutory rate of 15%, or
(b) in the case of securities issued under the Vale Overseas indenture, we are required to pay any additional amounts, as described below
under &#8220;&#8212;Payment of Additional Amounts,&#8221; and (ii) the obligation described in items (a) or (b) of this paragraph cannot
be avoided by Vale, Vale Overseas or their successors, as applicable, after taking measures that Vale, Vale Overseas or their successors,
as applicable, considers reasonable to avoid it. This applies only in the case of changes or amendments that occur on or after the date
specified in the prospectus supplement for the applicable series of debt securities. (<I>Section 11.6</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If the debt securities are redeemed, the redemption
price for the debt securities (other than original issue discount debt securities) will be equal to the principal amount of the debt securities
being redeemed and any applicable premium plus accrued interest and any additional amounts due on the date fixed for redemption. The redemption
price for original issue discount debt securities will be specified in the prospectus supplement for such debt securities. Furthermore,
we must give you between 30 and 60 days&#8217; notice before redeeming the debt securities. No notice may be given earlier than 90 days
prior to the earliest date on which we, but for such redemption, would be obligated to pay such additional amounts, and the obligation
to pay such additional amounts must remain in effect at the time notice is given. (<I>Section 11.6</I>)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Payment of Additional Amounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides that all payments in respect
of the debt securities issued thereunder will be made without withholding or deduction for any present or future taxes, duties, assessments,
or other governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Brazil, the Cayman
Islands (in the case of debt securities issued under the Vale Overseas indenture), a successor jurisdiction or any authority therein or
thereof having power to tax, unless Vale, Vale Overseas or their successors, as applicable, is compelled by law to deduct or withhold
such taxes, duties, assessments or governmental charges. In such event, Vale, Vale Overseas or their successors, as applicable, will make
such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and pay such additional
amounts as may be necessary to ensure that the net amounts receivable by holders of debt securities after such withholding or deduction
shall equal the respective amounts of principal, premium and interest which would have been receivable in respect of the debt securities
in the absence of such withholding or deduction. Notwithstanding the foregoing, neither Vale nor Vale Overseas will have to pay additional
amounts:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to, or to a third party on behalf of, a holder who is liable for such taxes, duties, assessments or
governmental charges in respect of such debt security by reason of his having some connection with Brazil, the Cayman Islands (in the case of debt securities
issued under the Vale Overseas indenture) or a successor jurisdiction, other than the mere holding of the debt security and the receipt
of payments with respect to the debt security;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to, or to a third party on behalf of, a holder who is liable for such taxes, duties, assessments or
other governmental charges by reason of such holder&#8217;s failure to comply with any certification, identification or other reporting
requirement concerning the nationality, residence, identity or connection with Brazil, the Cayman Islands (in the case of debt securities
issued under the Vale Overseas indenture) or a successor jurisdiction or applicable political subdivision or authority thereof or therein
having power to tax, of such holder, if compliance is required by such jurisdiction, or any political subdivision or authority thereof
or therein having power to tax, as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other governmental
charge and Vale or Vale Overseas, as applicable, has given the holders at least 30 days&#8217; notice that holders will be required to
provide such certification, identification or other requirement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in respect of any such taxes, duties, assessments or other governmental charges with respect to debt
securities surrendered (if surrender is required) more than 30 days after the Relevant Date except to the extent that the holder of such
debt security would have been entitled to such additional amounts on surrender of such debt security for payment on the last day of such
period of 30 days;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in respect of any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment
or governmental charge imposed with respect to the debt security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in respect of any tax, assessment or other governmental charge which is payable other than by deduction
or withholding from payments of principal of or interest on the debt security or by direct payment by Vale or Vale Overseas in respect
of claims made against Vale or Vale Overseas; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in respect of any taxes, duties, assessments or other governmental charges imposed under Sections 1471
through 1474 of the U.S. Internal Revenue Code of 1986, as amended as of the issue date (or any amended or successor version that is substantively
comparable) and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section
1471(b)(1) of the U.S. Internal Revenue Code, any intergovernmental agreement between a non-U.S. jurisdiction and the United States with
respect to the foregoing or any law, regulation or practice adopted pursuant to any such intergovernmental agreement; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in respect of any combination of the above. (<I>Section 10.7.1</I>)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The prospectus supplement relating to the debt
securities may describe additional circumstances in which we would not be required to pay additional amounts. (<I>Section 3.1</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For purposes of the provisions described above,
&#8220;Relevant Date&#8221; means whichever is the later of (i) the date on which such payment becomes due and payable or (ii) the date
on which payment thereof is duly provided for and notice thereof given to holders. The debt securities are subject in all cases to any
tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither Vale
Overseas nor Vale shall be required to make a payment with respect to any tax, assessment or governmental charge imposed by any government
or a political subdivision or taxing authority thereof or therein. (<I>Section 10.7.1</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">In the event that additional amounts actually
paid with respect to the debt securities described above are based on rates of deduction or withholding of withholding taxes in excess
of the appropriate rate applicable to the holder of such debt securities, and as a result such holder is entitled to claim for a refund
or credit of such excess from the authority imposing such withholding tax, then such holder shall, by accepting such debt securities,
be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to Vale
or Vale Overseas, as the case may be. (<I>Section 10.7.4</I>)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Any reference in this prospectus, the indenture
or the debt securities to principal, premium or interest in respect of the debt securities or the guarantees by Vale Overseas or Vale,
as applicable, will be deemed to include any additional amount, unless the context requires otherwise, that may be payable in respect
of such principal, premium or interest. (<I>Section 10.7.5</I>)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Certain Covenants</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Mergers and Similar Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless otherwise specified in the applicable prospectus
supplement, Vale and Vale Overseas will each covenant that they will not, without the consent of the holders of a majority in aggregate
principal amount of the debt securities outstanding under the applicable indenture, consolidate with or merge into any other corporation
or convey or transfer all or substantially all of its properties and assets to any other person, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the corporation formed by such consolidation or into which Vale or Vale Overseas is merged or the person
which acquires by conveyance or transfer all or substantially all of the properties and assets of Vale or Vale Overseas, which we refer
to as the successor corporation, will expressly assume the due and punctual payment of the principal of and interest on all the debt securities
issued under the applicable indenture and all other obligations of Vale or Vale Overseas under the applicable indenture and the debt securities
issued under that indenture;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">immediately after giving effect to such transaction, no event of default with respect to any security
issued under the applicable indenture will have occurred and be continuing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Vale and Vale Overseas, as applicable, have delivered to the trustee under the applicable indenture
(i) a certificate signed by, in the case of Vale, two executive officers of Vale and, in the case of Vale Overseas, two directors of Vale
Overseas, stating that such consolidation, merger, conveyance or transfer complies with this covenant and that all relevant conditions
precedent provided in the applicable indenture have been complied with and (ii) an opinion of counsel stating that such consolidation,
merger, conveyance or transfer complies with this covenant and that all relevant conditions provided have been complied with; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the successor corporation will expressly agree to withhold against any tax, duty, assessment or other
governmental charge thereafter imposed or levied by Brazil, the Cayman Islands (in the case of debt securities issued under the Vale Overseas
indenture), a successor jurisdiction or any political subdivision or authority thereof or therein having power to tax as a consequence
of such consolidation, merger, conveyance or transfer with respect to the payment of principal of or interest on the debt securities,
and to pay such additional amounts as may be necessary to ensure that the net amounts receivable by holders of the debt securities after
any such withholding or deduction will equal the respective amounts of principal, premium (if any) and interest, as applicable, which
would have been receivable in respect of the debt securities in the absence of such consolidation, merger, conveyance or transfer, subject
to exceptions and limitations contained in &#8220;&#8212;Payment of Additional Amounts,&#8221; in relation to the successor jurisdiction.
(<I>Article 8</I>)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Upon any consolidation, merger, conveyance or
transfer in accordance with these conditions, the successor corporation will succeed to, and be substituted for, and may exercise every
right and power of, Vale or Vale Overseas under the debt securities with the same effect as if the successor corporation had been named
as the issuer or guarantor, as applicable, of the debt securities issued under the applicable indenture. If a successor corporation is
incorporated in or considered to be resident in a jurisdiction other than Brazil or the Cayman Islands, such jurisdiction will be referred
to as a &#8220;successor jurisdiction.&#8221; No successor corporation will have the right to redeem the debt securities unless Vale or
Vale Overseas, as applicable, would have been entitled to redeem the debt securities in similar circumstances. (<I>Article 8</I>)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If the conditions described above are satisfied,
neither Vale nor Vale Overseas will need to obtain the consent of the holders in order to merge or consolidate or convey or transfer all
or substantially all of its properties and assets to any other person. Also, Vale and Vale Overseas will not need to satisfy these conditions
if Vale or Vale Overseas enters into other types of transactions, including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any transaction in which either Vale or Vale Overseas acquires the stock or assets of another person;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any transaction that involves a change of control of Vale or Vale Overseas, but in which neither Vale
nor Vale Overseas merges or consolidates; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any transaction in which Vale or Vale Overseas sells or otherwise disposes of less than substantially
all of its properties and assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><I>Substitution of Vale Overseas as issuer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Without the consent of any holders of debt securities,
Vale or any wholly owned subsidiary of Vale may, at any time and in Vale&#8217;s sole discretion, replace Vale Overseas as issuer and
principal debtor in respect of any series of debt securities issued by Vale Overseas, provided that Vale, the successor issuer (if a wholly
owned subsidiary of Vale) and the trustee enter into a supplemental indenture under which (i) the successor issuer assumes all of the
obligations of Vale Overseas under such debt securities and, unless the successor issuer is Vale, Vale reaffirms that its existing guarantee
remains in full force and effect, and (ii) the successor issuer agrees to a covenant in terms corresponding to the obligations of Vale
Overseas in respect of the payment of additional amounts as described under &#8220;&#8212; Payment of Additional Amounts&#8221; (but replacing
references to the Cayman Islands with references to the jurisdiction of organization of the successor issuer, as applicable). The successor
issuer will have the right to an effect the optional redemption for tax reasons as described below under &#8220;&#8212; Optional Tax Redemption&#8221;
or provided for in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Upon a substitution of Vale Overseas as issuer
as described hereunder, the successor issuer will succeed to, and may exercise every right and power of, Vale Overseas under the relevant
series of debt securities under the applicable indenture with the same effect as if such successor issuer had been named as the issuer
under the applicable indenture and the debt securities, and Vale Overseas will be released from its liability as obligor upon such debt
securities. Any such substitution might be treated for U.S. federal income tax purposes as a deemed disposition of debt securities by
a U.S. holder in exchange for new debt securities issued by the new obligor. As a result of this deemed disposition, a U.S. holder could
be required to recognize capital gain or loss for U.S. federal income tax purposes equal to the difference, if any, between the issue
price of the new debt securities (as determined for U.S. federal income tax purposes), and the U.S. holder&#8217;s tax basis in the debt
securities. U.S. holders should consult their tax advisors concerning the U.S. federal income tax consequences to them of a change in
obligor with respect to the debt securities. (<I>Section 8.4</I>)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Limitation on Liens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless otherwise specified in the applicable prospectus
supplement, Vale will covenant that for so long as any debt securities remain outstanding, Vale will not create, incur, issue or assume
any mortgage, charge, pledge, lien, hypothecation, security interest or other encumbrance, including, without limitation, any equivalent
of the foregoing created under the laws of Brazil or any other jurisdiction (each a &#8220;Lien&#8221;) on or over any Restricted Property
(as defined below) to secure Indebtedness, other than a Permitted Lien (as defined below), without in any such case effectively providing
that the outstanding debt securities (together with, if Vale shall so determine, any other Indebtedness of Vale) shall be secured equally
and ratably with or prior to such secured Indebtedness. (<I>Section&nbsp;10.6</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For the purposes of this covenant, &#8220;Permitted
Liens&#8221; means any Lien:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">granted upon or with regard to any Restricted Property acquired by Vale after the date of the issuance
of the debt securities to secure the purchase price of such Restricted Property or to secure Indebtedness incurred solely for the purposes of financing the
acquisition of such Restricted Property; <I>provided, however</I>, that the maximum sum secured thereby shall not exceed 130% of the purchase
price of such Restricted Property or the Indebtedness incurred solely for the purposes of financing the acquisition of such Restricted
Property;</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">granted upon or with regard to any Restricted Property (including any improvements on or to an existing
Restricted Property), after the date of the issuance of the debt securities, to secure the payment of all or any part of the cost of development,
expansion or construction of or improvement on or to such Restricted Property or to secure Indebtedness incurred solely for the purposes
of financing all or any part of the cost of development, expansion or construction of or improvements on or to such Restricted Property;
<I>provided, however</I>, that the maximum sum secured thereby shall not exceed the higher of cost or fair market value of that development,
expansion, construction or improvement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in existence on the date of the issuance of the applicable series of debt securities and any extension,
renewal or replacement thereof; <I>provided, however</I>, that the total amount of Indebtedness so secured shall not exceed the amount
so secured on the date of the issuance of the applicable series of debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">arising by operation of law, such as tax, merchants&#8217;, maritime or other similar liens arising
in the ordinary course of business of Vale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">arising in the ordinary course of business in connection with the financing of export, import or other
trade transactions to secure Indebtedness of Vale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">arising in connection with Lease Obligations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">securing or providing for the payment of Indebtedness incurred for the purposes of financing all or
a part of the ownership, acquisition, construction, development or operation of any project by Vale, any Subsidiary of Vale or any consortium
or other venture in which Vale has any ownership or other similar interest; <I>provided </I>that such lien only extends to (a) Restricted
Properties (which may include existing Restricted Properties at any pre-existing site selected for expansion and any concession, authorization
or other legal right granted by any governmental authority) which are the subject of such project financing, (b) any revenues from such
Restricted Properties, (c) any proceeds from claims belonging to Vale, any Subsidiary of Vale or any consortium or other venture in which
Vale has any ownership or other similar interest which arise from the operation, failure to meet specifications, failure to complete,
exploitation, sale or loss of, or damage to, such Restricted Property, or (d) shares or other ownership interest in, and any subordinated
debt claims against, the project entity whose principal assets and business are constituted by such project;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">granted upon or with regard to any present or future Restricted Property of Vale to secure borrowings
from, or funded directly or indirectly by, or effected indirectly through intermediaries by, (i) any Brazilian governmental credit agency
(including, but not limited to the Brazilian National Treasury, Banco Nacional de Desenvolvimento Econ&ocirc;mico e Social, BNDES Participa&ccedil;&otilde;es
S.A., Financiadora de Estudos e Projetos and Ag&ecirc;ncia Especial de Financiamento Industrial); (ii) any Brazilian official financial
institutions (including, but not limited to Banco da Amaz&ocirc;nia S.A. &#8211; BASA and Banco do Nordeste do Brasil S.A. &#8211; BNB);
(iii) any non-Brazilian official export-import bank or official export-import credit insurer; or (iv) the International Finance Corporation
or any non-Brazilian multilateral or government-sponsored agency;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">existing on any asset prior to the acquisition thereof by Vale, whether by merger, consolidation, purchase
of assets or otherwise, and not created in contemplation of such acquisition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">created over funds reserved for the payment of principal, interest and premium, if any, due in respect
of the applicable series of debt securities; or</FONT></TD></TR></TABLE>


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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">not otherwise described in the items referred to above, provided that the aggregate amount of Indebtedness
secured pursuant to this exception shall not, on the date any such Indebtedness is incurred, exceed an amount equal to 15% of Vale&#8217;s
consolidated total assets (calculated on the basis of Vale&#8217;s latest quarterly unaudited or annual audited consolidated financial
statements, whichever is the most recently prepared, in accordance with Reporting GAAP.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For the purposes of this covenant, &#8220;Restricted
Property&#8221; means (a) the interest of Vale in any (i) mineral property or concession, authorization or other legal right granted in
respect of minerals by any governmental authority, (ii) manufacturing or processing plant, building, structure or other facility used
in connection with the processing, refining or manufacturing of minerals or metals, together with the land upon which it is erected and
fixtures comprising a part thereof, or (iii) railroad, marine terminal or port, whether owned as of the date of the issuance of the debt
securities or thereafter acquired or constructed and (b) any shares of capital stock owned by Vale of a Subsidiary that has interests
in the kinds of property described in clauses (i), (ii) or (iii) of (a) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&#8220;Reporting GAAP&#8221; means the International
Financial Reporting Standards, as adopted by the International Accounting Standards Board or any other accounting standard that Vale may
adopt as its primary reporting accounting standard in its reports filed with the SEC pursuant to Section 13 or 15(d) of the Securities
Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For the purposes of this covenant, &#8220;Subsidiary&#8221;
means an entity of which Vale directly or indirectly owns more than 51% of the outstanding voting shares and Vale has the ability to elect
a majority of the members of the board of directors or other governing body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">You should consult the prospectus supplement relating
to your debt securities for further information about these covenants and whether they are applicable to your debt securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Defeasance and Discharge</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The following discussion of full defeasance and
discharge and covenant defeasance and discharge will only be applicable to your series of debt securities if Vale or Vale Overseas, as
applicable, chooses to apply them to that series, in which case we will so state in the prospectus supplement. (<I>Section 12.1 of the
Vale indenture; Section 13.1 of the Vale Overseas indenture</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If the applicable prospectus supplement states
that full defeasance will apply to a particular series, Vale and (in the case of debt securities issued under the Vale Overseas indenture)
Vale Overseas will be legally released from any payment and other obligations on the debt securities, except for various obligations described
below (called &#8220;full defeasance&#8221;), provided that Vale or Vale Overseas, as applicable, in addition to other actions, puts in
place the following arrangements for you to be repaid:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Vale or Vale Overseas, as applicable, must irrevocably deposit in trust for your benefit and the benefit
of all other direct holders of the debt securities a combination of money and U.S. government or U.S. government agency debt securities
or bonds that, in the opinion of a nationally recognized firm of independent public accountants, will generate enough cash to make interest,
principal and any other payments, including additional amounts, on the debt securities on their various due dates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Vale or Vale Overseas, as applicable, must deliver to the trustee a legal opinion of counsel, based
upon a ruling by the U.S. Internal Revenue Service or upon a change in applicable U.S. federal income tax law, confirming that under then
current U.S. federal income tax law Vale or Vale Overseas, as applicable, may make the above deposit without causing you to be taxed on
the debt securities any differently than if Vale or Vale Overseas, as applicable, did not make the deposit and instead repaid the debt
securities itself. (<I>Sections 12.2 and 12.4 of the Vale indenture; Sections 13.2 and 13.4 of the Vale Overseas indenture</I>)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If Vale or Vale Overseas ever did accomplish
full defeasance as described above, you would have to rely solely on the trust deposit for repayment on the debt securities. You could
not look to Vale or Vale Overseas for repayment in the unlikely event of any shortfall. However, even if Vale or Vale Overseas takes
these actions, a number of our obligations relating to the debt securities will remain. These include the following obligations:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to register the transfer and exchange of debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to replace mutilated, destroyed, lost or stolen debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to maintain paying agencies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to hold money for payment in trust.</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Covenant Defeasance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If the applicable prospectus supplement states
that covenant defeasance will apply to a particular series, Vale or Vale Overseas can make the same type of deposit described above and
be released from all or some of the restrictive covenants (if any) that apply to the debt securities of the particular series. This is
called &#8220;covenant defeasance.&#8221; In that event, you would lose the protection of those restrictive covenants but would gain the
protection of having money and securities set aside in trust to repay the debt securities. In order to achieve covenant defeasance, Vale
or Vale Overseas would be required to take all of the steps described above under &#8220;&#8212;Defeasance and Discharge&#8221; except
that the opinion of counsel would not have to refer to a change in United States Federal income tax laws or a ruling from the United States
Internal Revenue Service. (<I>Sections 12.3 and 12.4 of the Vale indenture; Sections 13.3 and 13.4 of the Vale Overseas indenture</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If Vale or Vale Overseas were to accomplish covenant
defeasance, the following provisions of the indenture and the debt securities would no longer apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any covenants applicable to the series of debt securities and described in the applicable prospectus
supplement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the events of default relating to breach of the defeased covenants, described below under &#8220;&#8212;Events
of Default&#8212;What Is an Event of Default?&#8221;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If Vale or Vale Overseas accomplishes covenant
defeasance, you would still be able to look to it for repayment of the debt securities if there were a shortfall in the trust deposit.
If any event of default occurs and the debt securities become immediately due and payable, there may be such a shortfall. Depending on
the event causing the default, you may not be able to obtain payment of the shortfall. (<I>Sections 12.3 and 12.4 of the Vale indenture;
Sections 13.3 and 13.4 of the Vale Overseas indenture</I>)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ranking</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The debt securities will rank equally with all
the other unsecured and unsubordinated Indebtedness of Vale or Vale Overseas, as the case may be. The guarantees will rank equally with
all other unsecured and unsubordinated Indebtedness of Vale. (<I>Section 10.10</I>)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Events of Default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides that you will have special
rights if an event of default occurs and is not cured or waived, as described later in this subsection and as may be specified in the
applicable prospectus supplement.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">What Is an Event of Default?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each indenture provides that the term &#8220;event
of default&#8221; with respect to any series of debt securities means any of the following:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">failure to pay any interest (or additional amounts, if any) on any of the debt securities of that series
on the date when due, which failure continues for a period of 30 days; or failure to pay any principal or premium, if any (or additional
amounts, if any), on any of the debt securities of that series on the date when due, which failure continues for a period of seven days;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in relation to Vale, its significant subsidiaries and (in the case of debt securities issued under the
Vale Overseas indenture) Vale Overseas: any default or event of default occurs and is continuing under any agreement, instrument or other
document evidencing outstanding Indebtedness in excess of US$200&nbsp;million in aggregate (or its equivalent in other currencies) and
such default or event of default results in the actual acceleration of such Indebtedness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Vale or (in the case of debt securities issued under the Vale Overseas indenture) Vale Overseas fails
to duly perform or observe any other covenant or agreement in respect of the debt securities of that series and such failure continues
for a period of 90 days after Vale or Vale Overseas, as applicable, receives a notice of default stating that it is in breach. The notice
must be sent by either the trustee or holders of 25% of the principal amount of debt securities of the affected series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Vale or a significant subsidiary of Vale or (in the case of debt securities issued under the Vale Overseas
indenture) Vale Overseas (i) has a court decree or order in an involuntary case or proceeding under any applicable bankruptcy, insolvency,
suspension of payments, reorganization or other similar law, entered against it, or has a court decree or order adjudging it bankrupt
or insolvent, or suspending its payments, or approving a petition seeking its reorganization, arrangement, adjustment or composition or
appointing a liquidator or other similar official of it or of any substantial part of its property, or ordering its winding up or liquidation
of its affairs, and the decree or order remains unstayed and in effect for a period of 90 consecutive days; or (ii) commences a voluntary
bankruptcy, insolvency, reorganization or other similar proceeding, or consents to a decree or order in, or commencement of, an involuntary
bankruptcy, or files or consents to the filing of a petition or answer or consent seeking reorganization or relief, or consents to the
appointment of a liquidator or similar official of it or of any substantial part of its property, or makes an assignment for the benefit
of its creditors, or admits in writing its inability to pay its debts generally as they become due, or takes any corporate action in furtherance
of any such action, or is generally unable to make payment of its obligations as they come due;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any illegality event occurring and continuing under the 8.25% notes due 2034 of Vale Overseas, guaranteed
by Vale in excess of US$200 million in aggregate, which results in the actual acceleration of such debt securities; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">in the case of debt securities issued under the Vale Overseas indenture, a final judgment or judgments
(not subject to appeal) determines the guaranty of such debt securities to be unenforceable or invalid, such guaranty ceases for any reason
to be valid and binding or enforceable against Vale, or Vale or any person acting on its behalf denies or disaffirms its obligations under
such guaranty. (<I>Section 5.1</I>)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For the purposes of this description of debt securities,
&#8220;Indebtedness,&#8221; with respect to any person, means, without duplication, any amount payable (whether as a direct obligation
or indirectly through a guaranty by such person) pursuant to (i) an agreement or instrument involving or evidencing money borrowed, (ii)
a conditional sale or a transfer with recourse or with an obligation to repurchase or (iii) Lease Obligations of such Person; <I>provided</I>,
<I>however</I>, that as used in the cross-acceleration provision described in the second bullet point above, &#8220;Indebtedness&#8221;
will not include any payment made by Vale on behalf of an affiliate, upon any Indebtedness of such affiliate becoming immediately due
and payable as a result of a default by such affiliate, pursuant to a guaranty or similar instrument provided by Vale in connection with
such indebtedness, provided that such payment made by Vale is made within five business days of notice being provided to Vale that payment
is due under such guaranty or similar instrument.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For the purposes of the definition of Indebtedness,
&#8220;affiliate&#8221; means any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof that (i) Vale directly or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with or (ii) in which Vale has a 20% or more holding of voting shares. (<I>Section
1.1</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For the purposes of the definition of Indebtedness,
&#8220;Lease Obligations&#8221; means, with respect to any person, the obligations of such person to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) real and/or personal property, which obligations are required to be classified
and accounted for as a lease or liability set forth on a balance sheet of such person under Reporting GAAP; <I>provided</I> that &#8220;Lease
Obligations&#8221; shall not include any obligations of such person that are or would have been treated as operating leases for purposes
of Reporting GAAP prior to the adoption of IFRS 16 (whether or not such operating lease obligations were in effect on the date of adoption
of IFRS 16) notwithstanding the fact that such obligations may be required to be treated as lease obligations in accordance with IFRS
16 (on a prospective or retroactive basis or otherwise). The stated maturity of such obligations shall be the date of the last payment
of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without
payment of a penalty. The principal amount of such obligations shall be the capitalized amount that would appear on the balance sheet
of such person in accordance with Reporting GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">For the purposes of the description of &#8220;Events
of Default&#8221; above and &#8220;Remedies upon an Event of Default&#8221; below, &#8220;significant subsidiary&#8221; means, at any
time, a Subsidiary of which Vale&#8217;s and its other Subsidiaries&#8217; proportionate share of the total assets (after intercompany
eliminations) exceeds 10% of the total assets of the consolidated group as of the end of the most recently completed fiscal year. (<I>Section
1.1</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">An event of default for a particular series of
debt securities does not necessarily constitute an event of default for any other series of debt securities issued under the indenture,
although the default and acceleration of one series of debt securities may trigger a default and acceleration of another series of debt
securities. (<I>Section 5.2</I>)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Remedies upon an Event of Default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Except as provided in the next sentence, if an
event of default has occurred and is continuing, the trustee at the written request of holders of not less than 25% in principal amount
of the outstanding debt securities of that series will declare the entire principal amount of the debt securities of that series to be
due and payable immediately and upon any such declaration, the principal, accrued interest and any unpaid additional amounts will become
immediately due and payable. If an event of default occurs because of a bankruptcy, insolvency or reorganization relating to Vale (but
not any significant subsidiary) or Vale Overseas (in the case of debt securities issued under the Vale Overseas indenture), the entire
principal amount of the debt securities of that series will be automatically accelerated, without any declaration or action by the trustee
or any holder, and any principal, accrued interest or additional amounts will become due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Each of the situations described above is called
an acceleration of the maturity of the debt securities under the applicable indenture. If the maturity of the debt securities of any series
is accelerated and a judgment for payment has not yet been obtained, the holders of a majority in aggregate principal amount of the outstanding
debt securities of that series may cancel the acceleration of the debt securities, provided that Vale or Vale Overseas, as applicable,
has paid or deposited with the trustee under the applicable indenture a sum sufficient to pay (i) all overdue interest and any additional
amounts on all of the debt securities of the series, (ii) the principal of any debt securities of the series which have become due (other
than amounts due solely because of the acceleration), (iii) interest upon overdue interest at the rate borne by (or prescribed therefor
in) the debt securities of that series (to the extent that payment of this interest is lawful), and (iv) all sums paid or advanced by
the trustee under the applicable indenture and all amounts Vale or Vale Overseas owe the trustee; and provided further that all other
defaults with respect to the debt securities of that series have been cured or waived. (<I>Section 5.2</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The trustee is not required under either of the
indentures to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties under the
applicable indenture, or in the exercise of any of its rights or powers, if the trustee has reasonable grounds for believing that repayment
of the funds or adequate indemnity against such risk or liability is not reasonably assured to it. (<I>Section 6.1</I>)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Before you bypass the trustee and bring your own
lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities,
the following must occur:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">you must give the trustee under the applicable indenture written notice of a continuing event of default;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the holders of not less than 25% in principal amount of the outstanding debt securities of the series
must make a written request that the trustee institute proceedings in respect of the event of default;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">they or other holders must offer to the trustee indemnity reasonably satisfactory to the trustee against
the costs, expenses and liabilities to be incurred in taking that action;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the trustee must not have taken action for 60 days after the above steps have been taken; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">during those 60 days, the holders of a majority in principal amount of the outstanding debt securities
of the series must not have given the trustee directions that are inconsistent with the written request of the holders of not less than
25% in principal amount of the debt securities of the series. (<I>Section 5.7</I>)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Under each indenture, you are entitled, however,
at any time to bring a lawsuit for the payment of money due on your security and not paid in full on or after its due date by Vale or
Vale Overseas. (<I>Section 5.8</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>Street name and other indirect holders should
consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare
or cancel an acceleration of the maturity of the debt securities.</I></B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Waiver of Default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The holders of not less than a majority in principal
amount of the debt securities of any series may waive any default for the debt securities of the series, except for defaults which cannot
be waived without the consent of each holder. If this happens, the default will be treated as if it had not occurred. No one can waive
a payment default, however, without the approval of each holder of the affected series of debt securities. (<I>Section 5.13</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale and, in the case of the Vale Overseas indenture,
Vale Overseas will furnish to the trustee within 120 days after the end of our fiscal year every year a written statement of certain of
our officers and directors, as the case may be, that will either certify that, to the best of their knowledge, we are in compliance with
the indenture and the debt securities or specify any default. (<I>Section 10.4</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B><I>Street name and other indirect holders should
consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to waive
a default.</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><A NAME="a_009"></A><B>DESCRIPTION OF THE GUARANTEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The following description of the terms and provisions
of the guarantees summarizes the general terms that will apply to each guaranty that we deliver in connection with an issuance of debt
securities by Vale Overseas. When Vale Overseas sells a series of debt securities, Vale will execute and deliver a guaranty of that series
of debt securities under the Vale Overseas indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Pursuant to any guaranty, Vale will irrevocably
and unconditionally agree, upon the failure of Vale Overseas to make the required payments under the applicable series of debt securities
and the Vale Overseas indenture, to make any required payment. The amount to be paid by Vale under the guaranty will be an amount equal
to the amount of the payment Vale Overseas fails to make. (<I>Article 12 of the Vale Overseas indenture</I>)</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><A NAME="a_010"></A><B>PLAN OF DISTRIBUTION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At the time of offering any securities, we will
supplement the following summary of the plan of distribution with a description of the offering, including the particular terms and conditions
thereof, set forth in a prospectus supplement relating to those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each prospectus supplement with respect to a
series of securities will set forth the terms of the offering of those securities, including the name or names of any underwriters or
agents, the price of such securities and the net proceeds to us from such sale, any underwriting discounts, commissions or other items
constituting underwriters&#8217; or agents&#8217; compensation, any discount or concessions allowed or reallowed or paid to dealers and
any securities exchanges on which those securities may be listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may sell the securities from time to time
in their initial offering as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to dealers or underwriters for resale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">directly to purchasers; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through a combination of any of these methods of sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, we may issue the securities as
a dividend or distribution or in a subscription rights offering to our existing security holders. In some cases, we or dealers acting
with us or on our behalf may also purchase securities and reoffer them to the public by one or more of the methods described above. This
prospectus may be used in connection with any offering of our securities through any of these methods or other methods described in the
applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The securities we distribute by any of these
methods may be sold to the public, in one or more transactions, either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at a fixed price or prices, which may be changed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at market prices prevailing at the time of sale;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at prices related to prevailing market prices; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may solicit offers to purchase securities
directly from the public from time to time. We may also designate agents from time to time to solicit offers to purchase securities from
the public on our behalf. The prospectus supplement relating to any particular offering of securities will name any agents designated
to solicit offers, and will include information about any commissions we may pay the agents, in that offering. Agents may be deemed to
be &#8220;underwriters&#8221; as that term is defined in the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">From time to time, we may sell securities to
one or more dealers acting as principals. The dealers, who may be deemed to be &#8220;underwriters&#8221; as that term is defined in the
Securities Act, may then resell those securities to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may sell securities from time to time to
one or more underwriters, who would purchase the securities as principal for resale to the public, either on a firm-commitment or best-efforts
basis. If we sell securities to underwriters, we may execute an underwriting agreement with them at the time of sale and will name them
in the applicable prospectus supplement. In connection with those sales, underwriters may be deemed to have received compensation from
us in the form of underwriting discounts or commissions and may also receive commissions from purchasers of the securities for whom they
may act as agents. Underwriters may resell the securities to or through dealers, and those dealers may receive compensation in the form
of discounts, concessions or commissions from the underwriters and/or commissions from purchasers for whom they may act as agents. The
applicable prospectus supplement will include any required information about underwriting compensation we pay to underwriters, and any
discounts, concessions or commissions underwriters allow to participating dealers, in connection with an offering of securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If we offer securities in a subscription rights
offering to our existing security holders, we may enter into a standby underwriting agreement with dealers, acting as standby underwriters.
We may pay the standby underwriters a commitment fee for the securities they commit to purchase on a standby basis. If we do not enter
into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription rights offering for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may authorize underwriters, dealers and agents
to solicit from third parties offers to purchase securities under contracts providing for payment and delivery on future dates. The applicable
prospectus supplement will describe the material terms of these contracts, including any conditions to the purchasers&#8217; obligations,
and will include any required information about commissions we may pay for soliciting these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Underwriters, dealers, agents and other persons
may be entitled, under agreements that they may enter into with us, to indemnification by us against certain liabilities, including liabilities
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise indicated in the prospectus
supplement for a particular offering of securities, each series of securities will be a new issue, and there will be no established trading
market for any security prior to its original issue date. We may not list any particular series of securities on a securities exchange
or quotation system. No assurance can be given as to the liquidity or trading market for any of the securities.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><A NAME="a_011"></A><B>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The financial statements
and management&#8217;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&#8217;s
Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form 20-F for
the year ended December 31, 2022 have been so incorporated in reliance on the report of PricewaterhouseCoopers Auditores Independentes
Ltda., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The technical information
incorporated herein by reference to our annual report on Form 20-F filed on April 13, 2023 concerning the Sudbury Operations, including
estimates of mineral resources and mineral reserves, was derived from the Technical Report Summary for these properties prepared, with
an effective date of December 31, 2022, by Charlie Buck, Tiffany Dube, Darren Hodder, Lisa Lanteigne, Xiaolin (Mike) Yao and Monica Ansah-Sam,
each of whom is a qualified person as defined in subpart 1300 of Regulation S-K and an employee of the Company.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><A NAME="a_012"></A><B>VALIDITY OF THE SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Unless otherwise specified in the applicable prospectus
supplement, Cleary Gottlieb Steen &amp; Hamilton LLP will provide an opinion regarding the validity of the debt securities and the guarantees
under New York law; Mr. Alexandre D&#8217;Ambrosio, General Counsel of Vale S.A., will provide an opinion regarding the authorization
of the debt securities and guarantees of Vale under Brazilian law; and Walkers will provide an opinion regarding the authorization of
the debt securities of Vale Overseas under Cayman Islands law.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><A NAME="a_013"></A>DATA PROTECTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Prospective holders of the debt securities should
note that, in certain circumstances, personal data may need to be supplied in order for an investment in the debts securities to be made
and for that investment in the debt securities to continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Vale Overseas&#8217; use of personal data is governed
by the Cayman Islands Data Protection Act, 2021 (as amended) and, in respect of any EU data subjects, the EU General Data Protection Regulation
(together, the &quot;Data Protection Legislation&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Under the Data Protection Legislation, individual
data subjects have rights and Vale Overseas as data controller has obligations with respect to the processing of personal data by Vale
Overseas and its affiliates and delegates, including but not limited to Intertrust Corporate Services (Cayman) Limited as administrator.
Breach of the Data Protection Legislation by Vale Overseas could lead to enforcement action against Vale Overseas. Vale Overseas&#8217;
privacy notice provides information on its use of personal data under the Data Protection Legislation. Vale Overseas&#8217; privacy notice
can be accessed on https://r1.dotdigital-pages.com/p/4VQT-308/cayman-islands-data-protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">If you are an individual prospective debt security
holder, the processing of personal data by and on behalf of the Vale Overseas is directly relevant to you. If you are an institutional
investor that provides personal data on individuals connected to you for any reason in relation to your investment in the debt securities
(for example directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents), this will
be relevant for those individuals and you should transmit the privacy notice to such individuals or otherwise advise them of its content.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_014"></A>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We have filed with the SEC a registration statement
on Form F-3 under the Securities Act relating to the debt securities offered by this prospectus. This prospectus, which is part of the
registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules
to the registration statement. For further information pertaining to us we refer you to the registration statement and the exhibits and
schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer
you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified
in all respects by the filed exhibit. We file reports, including annual reports on Form 20-F, and other information with the SEC pursuant
to the rules and regulations of the SEC that apply to foreign private issuers. Reports and other information filed by us with the SEC
available to the public from the SEC at http://www.sec.gov. In addition, as with all of our security filings, they may be accessed at
our website, http://www.vale.com. Such filings and other information on our website are not incorporated by reference (except as described
in &#8220;Incorporation of Certain Documents by Reference,&#8221; below).</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_015"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The SEC allows us to incorporate by reference
the information we file with it, which means that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this prospectus, and certain later information that we file with the
SEC will automatically update and supersede earlier information filed with the SEC or included in this prospectus or a prospectus supplement.
We incorporate by reference the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000917851/000129281423001516/valeform20f_2022.htm">our annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 13, 2023</A> (File No. 001-15030 and SEC Accession No. 0001292814-23-001516);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any future annual reports on Form 20-F filed with the SEC after the date of this prospectus and prior
to the termination of the offering of the debt securities offered by this prospectus;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any future reports on Form 6-K that we furnish to the SEC after the date of this prospectus that are
identified in such reports as being incorporated by reference in this prospectus. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">We will provide without charge to any person to
whom a copy of this prospectus is delivered, upon the written or oral request of any such person, a copy of any or all of the documents
referred to above which have been or may be incorporated herein by reference, other than exhibits to such documents (unless such exhibits
are specifically incorporated by reference in such documents). Requests should be directed to Vale&#8217;s Investor Relations Department
located at Praia de Botafogo 186, 18<SUP>th</SUP> floor, Botafogo, 22250-145, Rio de Janeiro, RJ, Brazil (telephone: +55-21-3485-3900).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 18.4pt; text-align: center"><IMG SRC="vale20230413f3_001.jpg" ALT="LogoVale" STYLE="height: 67px; width: 154px"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 18.4pt; text-align: center"><B>Vale S.A.</B></P>

<P STYLE="font: 12pt/13.3pt Times New Roman, Times, Serif; margin: 0 0 25.9pt; text-align: center"><B>Debt Securities and Guarantees</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 18.4pt; text-align: center"><B>Vale Overseas Limited</B></P>

<P STYLE="font: 12pt/13.3pt Times New Roman, Times, Serif; margin: 0 0 25.9pt; text-align: center"><B>Guaranteed Debt Securities</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 35.65pt; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt/13.3pt Times New Roman, Times, Serif; margin: 0; text-align: center">April 13, 2023</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 8.</TD><TD>Indemnification of Directors and Officers</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The laws of the Cayman Islands do not provide
for indemnification of directors and officers. Vale Overseas&#8217; Memorandum and Articles of Association provides that Vale Overseas
shall indemnify officers and directors and their personal representatives against all actions, proceedings, costs, charges, expenses,
losses, damages or liabilities incurred or sustained in or about the conduct of Vale Overseas&#8217; business or affairs or in the execution
or discharge of their duties, powers, authorities or discretions, including any costs, expenses, losses or liabilities incurred in defending
(whether successfully or otherwise) any civil proceedings concerning Vale Overseas in the Cayman Islands or elsewhere. Vale Overseas&#8217;
Memorandum and Articles of Association further provides that no officer or director shall be liable, among other things, for acts, omissions,
losses, damages or other misfortune arising from their execution or discharge of duties, powers, authorities, discretions of office or
in relation thereto, unless resulting from the officer&#8217;s or director&#8217;s dishonesty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Neither the laws of Brazil nor Vale&#8217;s bylaws or other constitutive
documents provide for indemnification of directors and officers.&nbsp; Under the Brazilian Civil Code, a person engaged in an illegal
action must indemnify any third person that incurred losses or damages arising from such illegal action.&nbsp; Vale has also entered into
an indemnification agreement with each of its directors and officers, providing for indemnification for losses incurred by such director
or officer as a result of actions or omissions in the performance of his or her functions or as a result of being a director or officer
of Vale, subject to certain exceptions. Vale maintains standard policies of insurance under which coverage is provided (a) to its directors
and officers against loss rising from claims made by reason of breach of duty or other wrongful act, and (b) to Vale itself with respect
to payments which may be made by Vale to such officers and directors pursuant to the above indemnification provisions or otherwise as
a matter of law.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 9.</TD><TD>Exhibits</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Exhibit <U>Number </U></B></FONT></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Description</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.1 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000129281423001503/ex01-1.htm">Underwriting Agreement Basic Provisions for debt securities issued by Vale*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000129281423001503/ex01-2.htm">Underwriting Agreement Basic Provisions for guaranteed debt securities issued by Vale Overseas*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.1 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-1.htm">Indenture, dated as of August 4, 2021, between Vale and The Bank of New York Mellon*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-2.htm">Amended and Restated Indenture, dated as of August 4, 2021, among Vale Overseas, Vale and The Bank of New York Mellon*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of debt security (included in Exhibits <A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-1.htm">4.1</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-2.htm">4.2</A>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-2.htm">Form of guaranty (included in Exhibit 4.2)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex05-1.htm">Opinion of Alexandre D&#8217;Ambrosio, General Counsel of Vale</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.2 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex05-2.htm">Opinion of Walkers (Cayman) LLP</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.3 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex05-3.htm">Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex23-1.htm">Consent of PricewaterhouseCoopers Auditores Independentes Ltda.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Alexandre D&#8217;Ambrosio, General Counsel of Vale (included in Exhibit<A HREF="ex05-1.htm"> 5.1</A>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Walkers (Cayman) LLP (included in Exhibit<A HREF="ex05-2.htm"> 5.2</A>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Cleary Gottlieb Steen &amp; Hamilton LLP (included in Exhibit<A HREF="ex05-3.htm"> 5.3</A>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex23-7.htm">Consents of Qualified Persons for Technical Report Summary for Sudbury Operations</A></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_016">Powers of Attorney (included in the signature pages of this Registration Statement)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">25.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex25-1.htm">Statement of Eligibility of The Bank of New York Mellon with respect to the Vale indenture</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">25.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex25-2.htm">Statement of Eligibility of The Bank of New York Mellon with respect to the Vale Overseas indenture</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">107</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex107.htm">Exhibit Filing Fees</A></FONT></TD></TR>
  </TABLE>


<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">* Incorporated by reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Item 10. Undertakings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the undersigned registrants hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221;
table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><I>provided, however</I>, that paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) of this item do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at
the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section
10(a)(3) of the Securities Act of 1933 need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective
amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is
at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective amendment need not be filed
to include financial statements and information required by Section 10(a)(3) of the Securities Act of 1933 or Item 8.A. of Form 20-F if
such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the registrant pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purposes of determining liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date
the filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of the registration statement in reliance on Rule
430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purposes of providing the information required
by Section (10)(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purposes of determining liability of the registrants under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the registrant undertakes that in a primary offering of securities of a registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, such registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser: (i) any preliminary prospectus or prospectus of the registrant relating to the offering required
to be filed pursuant to Rule 424; (ii) any free writing prospectus relating to the offering prepared by or on behalf of the registrant
or used or referred to by the registrant; (iii) the portion of any other free writing prospectus relating to the offering containing material
information about the registrant or its securities provided by or on behalf of the registrant; and (iv) any other communication that is
an offer in the offering made by the registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the undersigned registrants hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that
is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of each of the registrants pursuant to the foregoing provisions, or otherwise, each of the registrants has been advised that in the opinion
of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by a registrant of expenses incurred or
paid by a director, officer or controlling person of such registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">connection with the securities being registered,
such registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act
of 1933 and will be governed by the final adjudication of such issue.&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_016"></A>SIGNATURES OF VALE S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Pursuant to the requirements
of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Rio de Janeiro, State of Rio de Janeiro, Brazil, on April 13, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in"><B>VALE S.A.</B><BR>
<BR>
By:&#9;<U>/s/ Eduardo de Salles Bartolomeo</U>_________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Name:&#9;Eduardo de Salles Bartolomeo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Title:&#9;Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">By:&#9;<U>/s/ Gustavo Duarte Pimenta</U>_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Name:&#9;Gustavo Duarte Pimenta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Title:&#9;Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>KNOW ALL PERSONS BY THESE
PRESENTS</B>, that each person whose signature appears below constitutes and appoints each of Eduardo de Salles Bartolomeo, Gustavo Duarte
Pimenta, Adalgisa Campos da Silva de Queiroz Vieira and Jo&atilde;o Sichieri Moura to act as his or her true and lawful attorney-in-fact
and agent, each with full power of substitution, for him/her and in his/her name, place and stead, in any and all such capacities, to
sign any and all amendments (including post-effective amendments) and supplements to this Registration Statement, and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as s/he might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or their or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and
on the dates indicated in respect of Vale S.A.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.25pt solid"><B>SIGNATURE</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.25pt solid"><B>TITLE</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.25pt solid"><B>DATE</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Eduardo de Salles Bartolomeo</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Eduardo de Salles Bartolomeo</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Gustavo Duarte Pimenta</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Gustavo Duarte Pimenta</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Jos&eacute; Luciano Duarte Penido</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Jos&eacute; Luciano Duarte Penido</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Fernando Jorge Buso Gomes</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Vice-Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Fernando Jorge Buso Gomes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Daniel Andr&eacute; Stieler</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Daniel Andr&eacute; Stieler</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Eduardo de Oliveira Rodrigues Filho</FONT></TD>
    <TD STYLE="width: 39%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="width: 19%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Eduardo de Oliveira Rodrigues Filho</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Ken Yasuhara</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Ken Yasuhara</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Lucio Azevedo</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Lucio Azevedo</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Manuel Lino Silva de Sousa Oliveira</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Manuel Lino Silva de Sousa Oliveira</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Marcelo Gasparino da Silva</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Mauro Gentile Rodrigues da Cunha</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Murilo Cesar Lemos dos Santos Passos</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Murilo Cesar Lemos dos Santos Passos</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Rachel de Oliveira Maia</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Rachel de Oliveira Maia</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 6pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Roberto da Cunha Castello Branco</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ Roger Allan Downey</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">Roger Allan Downey</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES OF VALE OVERSEAS LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Pursuant to the requirements
of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Rio de Janeiro, State of Rio de Janeiro, Brazil, on April 13, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 225pt"><B>VALE OVERSEAS LIMITED</B><BR>
<BR>
By:&#9; <U>/s/Adalgisa Campos da Silva de Queiroz Vieira</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">Name: Adalgisa Campos da Silva de Queiroz Vieira</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">Title: Principal Executive Officer and Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">By:&#9; <B><U>/s/</U></B><U> Jo&atilde;o Sichieri Moura</U><B>________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 225pt">Name: Jo&atilde;o Sichieri Moura</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 225pt">Title: Principal Financial and Accounting Officer and &#9;
Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>KNOW ALL PERSONS BY THESE
PRESENTS</B>, that each person whose signature appears below constitutes and appoints each of Eduardo de Salles Bartolomeo, Gustavo Duarte
Pimenta, Adalgisa Campos da Silva de Queiroz Vieira and Jo&atilde;o Sichieri Moura to act as his or her true and lawful attorney-in-fact
and agent, each with full power of substitution, for him/her and in his/her name, place and stead, in any and all such capacities, to
sign any and all amendments (including post-effective amendments) and supplements to this Registration Statement and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as s/he might or could do in person, hereby ratifying and confirming all
that said attorney-in-fact and agent or their or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement or Amendment thereto has been signed by the following persons in the capacities
and on the dates indicated in respect of Vale Overseas Limited.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.25pt solid"><B>SIGNATURE</B></P></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.25pt solid"><B>TITLE</B></P></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.25pt solid"><B>DATE</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/Adalgisa Campos da Silva de Queiroz Vieira</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Adalgisa Campos da Silva de Queiroz Vieira</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/ Jo&atilde;o Sichieri Moura</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Jo&atilde;o Sichieri Moura</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">/s/ David Kenneth Sims</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">April 13, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">David Kenneth Sims</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-align: center; text-indent: -0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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

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

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    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE
OF THE REGISTRANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Pursuant to the Securities
Act, the undersigned, the duly authorized representative in the United States of each of the registrants has signed this registration
statement on April 13, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5in 202.5pt"><B>Cogency Global Inc.<BR>
Authorized U.S. Representative</B><BR>
<BR>
By:&#9;<U>/s/ Colleen A. De Vries</U>______________________<BR>
Name:&#9;Colleen A. De Vries<BR>
Title:&#9;Sr. Vice President on behalf of Cogency Global Inc.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INDEX TO EXHIBITS</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Exhibit <U>Number </U></B></FONT></TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>Description</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.1 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000129281423001503/ex01-1.htm">Underwriting Agreement Basic Provisions for debt securities issued by Vale*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000129281423001503/ex01-2.htm">Underwriting Agreement Basic Provisions for guaranteed debt securities issued by Vale Overseas*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.1 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-1.htm">Indenture, dated as of August 4, 2021, between Vale and The Bank of New York Mellon*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-2.htm">Amended and Restated Indenture, dated as of August 4, 2021, among Vale Overseas, Vale and The Bank of New York Mellon*</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Form of debt security (included in Exhibits <A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-1.htm">4.1</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-2.htm">4.2</A>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000110465921100179/tm2123794d1_ex4-2.htm">Form of guaranty (included in Exhibit 4.2)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex05-1.htm">Opinion of Alexandre D&#8217;Ambrosio, General Counsel of Vale</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.2 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex05-2.htm">Opinion of Walkers (Cayman) LLP</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.3 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex05-3.htm">Opinion of Cleary Gottlieb Steen &amp; Hamilton LLP</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex23-1.htm">Consent of PricewaterhouseCoopers Auditores Independentes Ltda.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Alexandre D&#8217;Ambrosio, General Counsel of Vale (included in Exhibit 5.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Walkers (Cayman) LLP (included in Exhibit 5.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Cleary Gottlieb Steen &amp; Hamilton LLP (included in Exhibit 5.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">23.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex23-7.htm">Consents of Qualified Persons for Technical Report Summary for Sudbury Operations</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_016">Powers of Attorney (included in the signature pages of this Registration Statement)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">25.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex25-1.htm">Statement of Eligibility of The Bank of New York Mellon with respect to the Vale indenture</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">25.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex25-2.htm">Statement of Eligibility of The Bank of New York Mellon with respect to the Vale Overseas indenture</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">107</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><A HREF="ex107.htm">Exhibit Filing Fees</A></FONT></TD></TR>
  </TABLE>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">* Incorporated by reference.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Rio de Janeiro, April 13, 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">I am the General Counsel of Vale S.A. (&#8220;<U>Vale</U>&#8221;),
a corporation organized and existing under the laws of Brazil, and have acted as Brazilian counsel of Vale and Vale Overseas Limited (&#8220;<U>Vale
Overseas</U>&#8221;), a wholly owned subsidiary of Vale organized and existing under the laws of the Cayman Islands, in connection with
the preparation and filing by Vale and Vale Overseas, under the United States Securities Act of 1933, as amended (the &#8220;<U>Securities
Act</U>&#8221;), of a registration statement on Form F-3 (the &#8220;<U>Registration Statement</U>&#8221;) with the United States Securities
and Exchange Commission (the &#8220;<U>SEC</U>&#8221;) relating to (i) unsecured debt securities of Vale (the &#8220;<U>Vale Debt Securities</U>&#8221;)
and (ii) debt securities of Vale Overseas (the &#8220;<U>Vale Overseas Debt Securities</U>&#8221;) guaranteed by Vale (the &#8220;<U>Guarantees</U>&#8221;).
The Vale Debt Securities, the Vale Overseas Debt Securities and the Guarantees (referred to collectively herein as the &#8220;<U>Securities</U>&#8221;)
are to be issued from time to time on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, at offering prices
to be determined from time to time. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such
terms in the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">In rendering the opinions set forth below, I have examined copies of the documents listed below:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">the Registration Statement and the documents incorporated by reference therein;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">the by-laws of Vale as last amended at the Extraordinary General Shareholders&#8217; Meeting held
on December 21, 2022;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">the minutes of the Ordinary and Extraordinary General Shareholders&#8217; Meeting of Vale dated as
of April 29, 2022, which, among other matters, recorded the approval of the election of the current members of Vale&#8217;s Board of Directors;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">the minutes of the meetings of the Board of Directors of Vale dated as of March 15, 2021, September
20, 2021 and December 22, 2022 at which the current officers of Vale were appointed;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(v)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">the indenture, dated as of August 4, 2021, between Vale, as issuer, and The Bank of New York Mellon,
as trustee (&#8220;<U>Vale Indenture</U>&#8221;), attached as an exhibit to the Registration Statement; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(vi)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">the amended and restated indenture, dated as of August 4, 2021, among Vale Overseas, as issuer, Vale,
as guarantor, and The Bank of New York Mellon, as trustee (&#8220;<U>Vale Overseas Indenture</U>&#8221;), attached as an exhibit to the
Registration Statement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Vale Indenture and the Vale Overseas Indenture
are collectively referred to herein as the &#8220;<U>Indentures</U>&#8221;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">I have also examined the records, agreements, instruments and documents and made such investigations
of law as I have deemed relevant or necessary as the basis for the opinions hereinafter expressed. I have also assumed, for purposes of
the opinions expressed herein, that:</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 11pt">no provision of each of the Indentures and of the Securities conflicts with or is otherwise invalid,
illegal or unenforceable under the laws of any jurisdiction (other than Brazil); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">at the time of the execution and delivery of the Indentures and of the Securities, they will have
been duly authorized pursuant to applicable law (other than Brazilian law).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">I have also assumed, without any independent investigation or verification of any kind, the validity,
legality, binding effect and enforceability of the Indentures and of the Securities under the laws of the State of New York and&nbsp;the
Cayman Islands, as the case may be. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">I have further assumed that (i) the Registration Statement, and any amendments thereto (including
post-effective amendments), will have become effective; (ii) a prospectus supplement will have been prepared and filed with the SEC describing
the Securities offered thereby; (iii) all Securities will be issued and sold in compliance with all applicable laws and in the manner
stated in the Registration Statement and the appropriate prospectus supplement; and (iv) a definitive underwriting or similar agreement
with respect to any Securities offered will have been duly authorized and validly executed and delivered by Vale and/or Vale Overseas
and the other parties thereto. Furthermore, I have assumed (a) the due organization and valid existence of all parties (other than Vale)
to the Indentures under the laws of the countries of their respective incorporation; (b) that the Indentures and the Securities will have
been duly authorized and validly executed and delivered by the parties thereto (other than Vale); and (c) that the performance thereof
is within the capacity and powers of the parties thereto (other than Vale). </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">My opinions are delivered on the basis of my professional legal judgment and on the basis of the
knowledge and investigation of the Vale Legal Department, which I oversee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Based upon the foregoing and subject to the qualifications and limitations set forth herein, I am
of the opinion that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Vale has been duly incorporated and is validly existing as a <I>sociedade an&ocirc;nima</I> under
the laws of Brazil;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Vale has the corporate power to, and all necessary corporate action has been taken to, execute, deliver
and file the Registration Statement; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">in connection with the issue, offer and sale of the Vale Debt Securities and the Guarantees and the
performance of Vale&#8217;s obligations thereunder, when (a) all necessary corporate actions have been taken by Vale to approve the issuance
and terms of the Vale Debt Securities and the Guarantees, and the terms of the offering and related documents and matters, and (b) the
Indentures and the Guarantees have been duly executed, authenticated, issued and delivered in accordance with their respective provisions,
and, in the case of the Guarantees, with the provisions of the Vale Overseas Indenture, and in accordance with the applicable definitive
underwriting agreement upon payment of the consideration therefor provided for therein, the Vale Debt Securities and the Guarantees will
be duly authorized, executed and delivered and will be a valid and binding obligation of Vale.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">The foregoing opinions are subject to the following qualifications:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">To ensure the enforceability or the admissibility in evidence of the Indentures and any other document
required by any Brazilian court to be furnished: (a) the signatures of the parties thereto signing outside Brazil must be notarized; (b)
the signature of the notary must be certified by a consular official of Brazil having jurisdiction to provide for such action or be apostilled
in accordance with the Convention Abolishing
the Requirement of Legalization for Foreign Public Documents; (c) the Indentures and any other documents or instruments prepared in a
language other than Portuguese (whether signed abroad or not) must be translated into Portuguese by a sworn translator, except if such
procedures were exempted by an international treaty entered into by Brazil; absent such notarization and authentication, the Indenture
and any other documents or instruments prepared in a language other than Portuguese, together with its respective sworn translation, must
be registered with the appropriate Registry of Deeds and Documents (for which certain translation and registration fees would apply),
which may be done immediately prior to any such enforcement or presentation;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Any judgment against Vale for the payment of certain sum of money rendered by any Federal or State
Court in the City, County and State of New York in respect of the Indentures or of the Securities should be recognized in the courts of
Brazil, and such courts would enforce such judicial decision without retrial or re-examination of the merits of the original decision
only if such judicial decision has been previously ratified by the Superior Court of Justice (<I>Superior Tribunal de Justi&ccedil;a</I>);
which ratification is available only if the judicial decision: (a)&nbsp;fulfills all formalities required for its enforceability under
the laws of the State of New York, (b)&nbsp;was issued by a competent court after proper service of process on the parties, which service
of process must comply with Brazilian law if made in Brazil, or, after sufficient evidence of the parties&#8217; absence has been given,
as established pursuant to applicable law, (c)&nbsp;is not subject to appeal, (d)&nbsp;does not violate a final and appealable decision
issued by a Brazilian Court and does not violate the exclusive jurisdiction of the Brazilian judiciary authority, (e)&nbsp;was authenticated
by a Brazilian consulate in the State of New York or is duly apostilled in accordance with the Convention Abolishing the Requirement of
Legalization for Foreign Public Documents and is accompanied by a translation thereof into Portuguese prepared by a sworn translator,
except if such procedure was exempted by an international treaty entered into by Brazil, (f)&nbsp;was translated by a sworn translator
registered in Brazil, except if such procedure was exempted by an international treaty entered into by Brazil, and (g)&nbsp;is not contrary
to Brazilian national sovereignty, public order or good morals;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Pursuant to the regulations of the Brazilian Central Bank relating to foreign exchange and capital,
individuals and legal entities may enter into transactions for the purchase and sale of foreign currency, without limitation on amount,
with due regard for the terms and conditions of the regulation and the validity of the specific transaction, based on the economic grounds
and liabilities defined in the respective document. In accordance therewith, Vale may remit funds in foreign currency to cover financial
obligations assumed by offshore subsidiaries. Furthermore, pursuant to regulations of the Brazilian Central Bank, it is possible for the
Brazilian guarantor to deposit the corresponding amount in Brazilian currency at a non-resident account held in Brazil by the foreign
creditor, which would then be able to freely convert such funds into foreign currency for remittance abroad;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Any amounts to be paid under the Vale Debt Securities and/or the Guarantees in excess of the amounts
provided for in the Indentures or in the Guarantee, if any, will depend on the analysis of the legality and economic grounds by the Brazilian
commercial bank chosen to implement the relevant foreign exchange control transactions or, as the case may be, pursuant to a special authorization
and/or registration to be obtained from the Brazilian Central Bank, which authorization and/or registration will be granted at the Brazilian
Central Bank&#8217;s sole discretion;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(v)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Certain payments in U.S. Dollars by Vale in connection with the Indenture or the Securities may be
subject to Vale obtaining the applicable authorization of the Brazilian Central Bank for remittance thereof, including
the Registry of Financial Transaction Module (<I>M&oacute;dulo Registro de Opera&ccedil;&atilde;o Financeira</I> &#8211; &#8220;ROF&#8221;);</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(vi)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">The enforceability of the Indentures and of the Securities is limited by applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization or other similar laws relating to or limiting creditors&#8217; rights generally or by general equitable
principles, and, in the event of a bankruptcy of Vale, certain credits, such as credits for salaries, wages, social security and taxes,
will have preference over any claims, including secured ones;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(vii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">In case of bankruptcy, all credits denominated in foreign currency shall be converted into local
currency at the exchange rate prevailing on the date of the issuance of the decision declaring the bankruptcy, and the amount so determined
shall be the amount so considered for any payments to creditors in the bankruptcy;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(viii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">In the event that any suit is brought against Vale under or in connection with the Vale Debt Securities
and/or the Guarantees, service of process upon Vale, if made in Brazil, must be effected in accordance with Brazilian law;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(ix)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">The enforceability of the Indentures or any related documents in the courts of Brazil is subject
to the payment of certain expenses and court fees;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(x)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Any judgment obtained against Vale in the courts of Brazil in respect of any sum payable by it under
the Vale Debt Securities and/or the Guarantees will be expressed in the Brazilian currency equivalent of the U.S. dollar amount of such
sum; </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(xi)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Under Brazilian laws, properties and assets of a public concessionaire bound to the performance of
the applicable concession agreement are not subject to attachment, either prior to judgment, in aid of execution, or otherwise; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(xii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Under Brazilian law, injunctive relief may or may not be granted at the discretion of the Brazilian
courts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">I express no opinion as to any agreement, instrument or other document other than as specified in
this letter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">I hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to
the reference to me in the prospectus constituting part of the Registration Statement and in any prospectus supplements related thereto
under the caption &#8220;Validity of the Securities&#8221; as general counsel of Vale. I further consent to the incorporation by reference
of this opinion into any registration statement or post-effective amendment filed pursuant to Rule 462(b) or Rule 462(e) under the Securities
Act of 1933, as amended, with respect to the securities registered in the Registration Statement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">I am qualified to practice law in Brazil only, and I do not express any opinion in respect of any
laws of any other jurisdiction. This opinion is based upon and limited in all respects to the law applicable in Brazil as presently published,
existing and in force.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">I expressly disclaim any responsibility to advise you or any other person who is permitted to rely
on the opinions expressed herein as specified above of any development or circumstance of any kind including any change of law or fact
that may occur after the date of this letter even though such development, circumstance or change may affect the legal analysis, a legal
conclusion or any other matter set forth in or relating to this letter. Accordingly, any person relying on this letter at any time should
seek advice of its counsel as to the proper application of this letter at such time. This opinion may be relied upon, as of the date
rendered, only by you and no other person may rely upon this opinion without my prior written consent. </FONT></P>


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  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Very truly yours,</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">/s/ Alexandre Silva D&#8217;Ambrosio</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 75%">&nbsp;</TD>
    <TD STYLE="width: 25%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Alexandre Silva D&#8217;Ambrosio</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt"><FONT STYLE="font-size: 11pt">General Counsel of Vale S.A.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 12pt">&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.25in; text-align: left"><IMG SRC="ex052_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.25in; text-align: left">13 April 2023&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our Ref: HA/AE/cb/V0635-182711</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Vale S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Praia de Botafogo,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">186 &#8211; Salas 1101, 1601, 1701 and 1801</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Rio de Janeiro/RJ, Brazil</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Vale Overseas Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">One Nexus Way, Camana Bay</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Grand Cayman, KY1-9005</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Cayman Islands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify">Dear Sir or Madam</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify">filing of REGISTRATION
STATEMENT ON FORM F-3 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OF VALE OVERSEAS LIMITED AND VALE S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We have acted as special Cayman Islands counsel
to Vale Overseas Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the &quot;<B>Company</B>&quot;),
in connection with the preparation and filing with the SEC under the Securities Act of a the registration statement on Form F-3 of Vale
S.A., a stock corporation (<I>sociedade por a&ccedil;&otilde;es)</I>, (&quot;<B>Vale</B>&quot;), and the Company (the &quot;<B>2023 Registration
Statement</B>&quot;) relating to the offering from time to time, together or separately and in one or more series (if applicable), of
(i) debt securities of Vale (the &quot;<B>Vale Debt Securities</B>&quot;) and (ii) guaranteed debt securities of the Company (each a &quot;<B>Company
Debt Security</B>&quot; and, together the &quot;<B>Company Debt Securities</B>&quot;) accompanied by guaranties of Vale (the &quot;<B>Guaranties</B>&quot;).
The securities being registered under the 2023 Registration Statement will be offered on a continuous or delayed basis pursuant to the
provisions of Rule 415 under the Securities Act, at offering prices to be determined from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We are Cayman Islands Attorneys at Law and express
no opinion as to any laws other than the laws of the Cayman Islands in force and as interpreted at the date of this opinion. We have not,
for the purposes of this opinion, made any investigation of the laws, rules or regulations of any other jurisdiction. Except as explicitly
stated herein, we express no opinion in relation to any representation or warranty contained in the Transaction Documents (as defined
below) nor upon the commercial terms of the transactions contemplated by the Transaction Documents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In rendering this opinion, we have reviewed:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">the 2023 Registration Statement filed with the SEC as at the date hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">the amended and restated indenture dated as of 4 August 2021 (the &quot;<B>Indenture</B>&quot;) among
the Company, as issuer, Vale S.A. as guarantor and The Bank of New York Mellon, as trustee (the &quot;<B>Trustee</B>&quot;),
attached as an exhibit to the 2023 Registration Statement and pursuant to which Company Debt Securities may be issued, and the form of
Company Debt Security attached thereto;</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">the Certificate of Incorporation of the Company dated 3 April 2001, the Memorandum and Articles of Association
of the Company as adopted on 6 March 2002 as amended pursuant to a special resolution dated 7 January 2004 (the &quot;<B>Memorandum and
Articles</B>&quot;) and the Register of Directors of the Company, certified copies of which have been provided to us by its registered
office in the Cayman Islands (together, the &quot;<B>Company Records</B>&quot;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">a copy of executed minutes of a meeting of the Board of Directors of the Company held on 28 March 2023
(the &quot;<B>Resolutions</B>&quot;),</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">and we have made such inquiries and examined
originals (or copies certified or otherwise identified to our satisfaction) of such documents, corporate records and other instruments
and made such examination of the law as we have deemed necessary or appropriate to enable us to render this opinion. In such examinations,
we have assumed the genuineness of all signatures, the legal capacity at all relevant times of any natural persons signing any documents,
the authenticity of all documents submitted to us as originals, the conformity to authentic originals of all documents submitted to us
as certified or true copies or as reproductions (including documents received by facsimile) and the truthfulness of all certificates of
public officials and corporate officers. For the purposes of this opinion, the Indenture and any Company Debt Security are collectively
referred to as &quot;<B>Transaction Documents</B>&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In connection with this opinion, we have relied
upon the following assumptions, which we have not independently verified:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">At the time of any offering of Company Debt Securities (i) the 2023 Registration Statement, and any amendments
thereto (including post-effective amendments), will have become effective; (ii)&nbsp;a prospectus supplement will have been prepared and
filed with the SEC describing the Company Debt Securities offered thereby; (iii)&nbsp;the Company Debt Securities will be issued and sold
in compliance with applicable federal and state securities laws and in the manner stated in the 2023 Registration Statement and the appropriate
prospectus supplement; and (iv)&nbsp;a definitive purchase, underwriting or similar agreement with respect to any Company Debt Securities
offered will have been duly authorised and validly executed and delivered by the Company and the other parties thereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">There are no provisions of the laws of any jurisdiction outside the Cayman Islands which would be contravened
by the execution or delivery of the Transaction Documents and, insofar as any obligation expressed to be incurred under the Transaction
Documents is to be performed in or is otherwise subject to the laws of any jurisdiction outside the Cayman Islands, its performance will
not be illegal by virtue of the laws of that jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Transaction Documents are, or will be, as the case may be, within the capacity, power, and legal right
of, and have been or will be duly authorised, executed and delivered by, each of the parties thereto (other than the Company).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The Transaction Documents constitute or, when executed and delivered, will constitute the legal, valid
and binding obligations of each of the parties thereto enforceable in accordance with their terms as a matter
of the laws of all other relevant jurisdictions (other than the Cayman Islands).</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The choice of the laws of the jurisdiction selected to govern each of the Transaction Documents has, or
will have been, as the case may be, been made in good faith and will be regarded as a valid and binding selection which will be upheld
in the courts of that jurisdiction and all relevant jurisdictions (other than the Cayman Islands).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">All authorisations, approvals, consents, licences and exemptions required by, and all filings and other
steps required of each of the parties to the Transaction Documents outside the Cayman Islands to ensure the legality, validity and enforceability
of the Transaction Documents have been or will, as the case may be, be duly obtained, made or fulfilled and are and will remain in full
force and effect and any conditions to which they are subject have been satisfied.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">All conditions precedent, if any, contained in the Transaction Documents have been or will be, as the
case may be, satisfied or waived.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">The Board of Directors of the Company considers, or will consider, as the case may be, the execution of
the Transaction Documents and the transactions contemplated thereby to be in the best interests of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">No disposition of property effected by any of the Transaction Documents is made for an improper purpose
or wilfully to defeat an obligation owed to a creditor and at an undervalue.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">The Company was, or will be, as the case may be, on the date of execution of the Transaction Documents
to which it is a party and the disposition of property by the Company thereunder, able to pay its debts as they became due from its own
moneys, and any disposition or settlement of property effected by any of the Transaction Documents is, or will be, as the case may be,
or will be made in good faith and for valuable consideration and at the time of each disposition of property by the Company pursuant to
the Transaction Documents the Company will be able to pay its debts as they become due from its own moneys.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">The originals of all documents examined in connection with this opinion are authentic. The signatures,
initials and seals on the Transaction Documents are, or will be, as the case may be, genuine and are, or will be, as the case may be,
those of a person or persons given power to execute the Transaction Documents under the Resolutions or any power of attorney given by
the Company to execute the Transaction Documents. All documents purporting to be sealed have been so sealed. All copies are complete and
conform to their originals. Any translations are a complete and accurate translation of the original document they purport to translate.
The Transaction Documents conform, or will conform, as the case may be, in every material respect to the latest drafts of the same produced
to us and, where provided in successive drafts, have been marked up to indicate all changes to such Transaction Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">Any Transaction Document was, or will be, as the case may be, either executed as a single physical document
(whether in counterpart or not) in full and final form or, where any Transaction Document was executed by or on behalf of any company,
body corporate or corporate entity, the relevant signature page was attached to such Transaction Document by, or on behalf of, the relevant
person or otherwise with such person's express or implied authority.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">The Memorandum and Articles reviewed by us are the memorandum and articles of association of the Company
and are in force at the date hereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">The Company Records are complete and accurate and all matters required by law and the Memorandum and Articles
to be recorded therein are completely and accurately so recorded.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">There are no records of the Company (other than the Company Records), agreements, documents or arrangements
other than the documents expressly referred to herein as having been examined by us which materially affect, amend or vary the transactions
envisaged in the Transaction Documents or restrict the powers and authority of the Directors of the Company in any way or which would
affect any opinion given herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify">The Resolutions were duly adopted at a duly convened meeting of the Board of Directors of the Company
and such meeting was held and conducted in accordance with the Memorandum and Articles.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify">The Resolutions and any power of attorney given by the Company to execute the Transaction Documents remain
in full force and effect and have not been revoked or varied.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.</TD><TD STYLE="text-align: justify">No resolution voluntarily to wind up the Company has been adopted by the members of the Company and no
event of a type which is specified in the Memorandum and Articles as giving rise to the winding up of the Company (if any) has in fact
occurred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify">No amounts paid to or for the account of any party under the Transaction Documents or any property received
or disposed of by any party to the Transaction Documents in each case in connection with the performance of the Transaction Documents
or the consummation of the transactions contemplated thereby, represent or will represent proceeds of criminal conduct or criminal property
as defined in the Proceeds of Crime Act (as amended) (the &quot;<B>POCA</B>&quot;) or terrorist property as defined in the POCA or the
Terrorism Act (as amended) (the &quot;<B>Terrorism Act</B>&quot;), each of the Cayman Islands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.</TD><TD STYLE="text-align: justify">As a matter of all relevant laws (other than the laws of the Cayman Islands), any power of attorney given
by the Company to execute the Transaction Documents has been duly executed by the Company and constitutes the persons named therein as
the duly appointed attorney of the Company with such authority as is specified therein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.</TD><TD STYLE="text-align: justify">The terms of the Transaction Documents (other than the Indenture) will not breach any provision of Cayman
Islands law or any public policy of the Cayman Islands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">22.</TD><TD STYLE="text-align: justify">The Company Debt Securities will conform to the forms attached to the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The opinions expressed herein are subject to
the following qualifications:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The term &quot;enforceable&quot; and its cognates as used in this opinion means that the obligations assumed
by any party under the Transaction Documents are of a type which the courts of the Cayman Islands enforce. This does not mean that those
obligations will necessarily be enforced in all circumstances in accordance with their terms. In particular:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">enforcement of obligations and the priority of obligations may be limited by bankruptcy, insolvency, liquidation,
restructuring, reorganisation, readjustment of debts or moratorium and other laws of
general application relating to or affecting the rights of creditors or by prescription or lapse of time;</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="width: 50%"><FONT STYLE="text-transform: uppercase"><B>WalkerS</B></FONT></TD><TD STYLE="text-align: right; width: 50%">page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">enforcement may be limited by general principles of equity and, in particular, the availability of certain
equitable remedies such as injunction or specific performance of an obligation may be limited where the court considers damages to be
an adequate remedy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">claims may become barred under statutes of limitation or may be or become subject to defences of set-off,
counterclaim, estoppel and similar defences;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable
in the Cayman Islands to the extent that performance would be illegal under the laws of, or contrary to the public policy of, that jurisdiction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">a judgment of a court of the Cayman Islands may be required to be made in Cayman Islands dollars;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">to the extent that any provision of the Transaction Documents is adjudicated to be penal in nature, it
will not be enforceable in the courts of the Cayman Islands; in particular, the enforceability of any provision of the Transaction Documents
that is adjudicated to constitute a secondary obligation which imposes a detriment on the contract-breaker out of all proportion to any
legitimate interest of the innocent party in the enforcement of the primary obligation may be limited;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">to the extent that the performance of any obligation arising under the Transaction Documents would be
fraudulent or contrary to public policy, it will not be enforceable in the courts of the Cayman Islands;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">in the case of an insolvent liquidation of the Company, its liabilities are required to be translated
into the functional currency of the Company (being the currency of the primary economic environment in which it operated as at the commencement
of the liquidation) at the exchange rates prevailing on the date of commencement of the voluntary liquidation or the day on which the
winding up order is made (as the case may be);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a Cayman Islands court will not necessarily award costs in litigation in accordance with contractual provisions
in this regard; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the effectiveness of terms in the Transaction Documents excusing any party from a liability or duty otherwise
owed or indemnifying that party from the consequences of incurring such liability or breaching such duty shall be construed in accordance
with, and shall be limited by, applicable law, including generally applicable rules and principles of common law and equity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Cayman Islands stamp duty will be payable on any Transaction Documents if it is executed in or brought
to the Cayman Islands, or produced before a Cayman Islands court.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">A certificate, determination, calculation or designation of any party to the Transaction Documents as
to any matter provided therein might be held by a Cayman Islands court not to be conclusive, final and binding,
notwithstanding any provision to that effect therein contained, for example if it could be shown to have an unreasonable, arbitrary or
improper basis or in the event of manifest error.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="width: 50%"><FONT STYLE="text-transform: uppercase"><B>WalkerS</B></FONT></TD><TD STYLE="text-align: right; width: 50%">page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">If any provision of the Transaction Documents is held to be illegal, invalid or unenforceable, severance
of such provision from the remaining provisions will be subject to the discretion of the Cayman Islands courts notwithstanding any express
provisions in this regard.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Every conveyance or transfer of property, or charge thereon, and every payment obligation and judicial
proceeding, made, incurred, taken or suffered by a company at a time when that company was unable to pay its debts within the meaning
of section 93 of the Companies Act (as amended) of the Cayman Islands (the &quot;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: none"><B>Companies
Act</B></FONT>&quot;), and made or granted in favour of a creditor with a view to giving that creditor a preference over the other creditors
of the company, would be voidable upon the application of the company's liquidator pursuant to section 145(1) of the Companies Act, if
made, incurred, taken or suffered within&nbsp;the six months preceding the commencement of a liquidation of that company. Such actions
will be deemed to have been made with a view to giving such creditor a preference if it is a &quot;related party&quot; of the company.
A creditor shall be treated as a related party if it has the ability to control the company or exercise significant influence over the
company in making financial and operating decisions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Any disposition of property made at an undervalue by or on behalf of a company and with an intent to defraud
its creditors (which means an intention to wilfully defeat an obligation owed to a creditor), shall be voidable:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">under section 146(2) of the Companies Act at the instance of the company's official liquidator; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">under the Fraudulent Dispositions Act (as amended) of the Cayman Islands, at the instance of a creditor
thereby prejudiced,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">provided that in either case, no such
action may be commenced more than six years after the date of the relevant disposition.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">If any business of a company has been carried on with intent to defraud creditors of the company or creditors
of any other person or for any fraudulent purpose, a court of the Cayman Islands may declare that any persons who were knowingly parties
to the carrying on of the business of the company in such manner are liable to make such contributions, if any, to the company's assets
as a court of the Cayman Islands thinks proper.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">Notwithstanding any purported date of execution in any of the Transaction Documents, the rights and obligations
therein contained take effect only on the actual execution and delivery thereof but the Transaction Documents may provide that they have
retrospective effect as between the parties thereto alone.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">In principle, a person who claims to be entitled pursuant to a contract to recover the legal fees and
expenses incurred in enforcing that contract shall be entitled to judgment for the amount of legal fees and expenses found due under the
contract and such amount shall not be subject to taxation pursuant to the applicable rule of court.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="width: 50%"><FONT STYLE="text-transform: uppercase"><B>WalkerS</B></FONT></TD><TD STYLE="text-align: right; width: 50%">page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">We express no opinion upon any provisions in the Memorandum and Articles or any document which contains
a reference to any law or statute that is not a Cayman Islands law or statute.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">We express no opinion upon the effectiveness of any clause of the Transaction Documents providing that
the terms of such Transaction Document may only be amended in writing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom
sanctions extended to the Cayman Islands by the Order of His Majesty in Council.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">Under the laws of the Cayman Islands, persons who are not party to a Transaction Document have no direct
rights or obligations under such Transaction Document unless:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">such Transaction Document expressly provides in writing that such persons may in their own right enforce
a term of such Transaction Document under The Contracts (Rights of Third Parties) Act, 2014 of the Cayman Islands;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">they are persons acting pursuant to powers contained in a deed poll; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">they are beneficiaries under properly constituted trusts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">All powers of attorney granted by the Company in any of the Transaction Documents must be duly executed
as deeds or under seal by persons authorised to do so:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if governed by the laws of the Cayman Islands; and/or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in order for the donee of the power and certain third parties to benefit from certain provisions of the
Powers of Attorney Act (as amended) of the Cayman Islands (the &quot;<B>Power of Attorney Act</B>&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">All powers of attorney granted by the Company in the Transaction Documents which by their terms are expressed
to be irrevocable are irrevocable pursuant to the provisions of the Power of Attorney Act only if:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">executed as a deed or under seal by persons authorised to do so; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">given to secure a proprietary interest of the donee of the power or the performance of an obligation owed
to the donee.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">Where a power of attorney granted by the
Company is expressed to be irrevocable and is given to secure:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a proprietary interest of the donee of the power; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the performance of an obligation owed to the donee,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">then, so long as the donee has that interest
or the obligation remains undischarged, the power shall not be revoked:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">by the donor without the consent of the donee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">by the death, incapacity or bankruptcy of the donor, or if the donor is a body corporate, by its winding-up
or dissolution.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify">Where a document provides for an exclusive or non-exclusive jurisdiction clause submitting (or permitting
the submission) to the jurisdiction of the courts in the Cayman Islands , a court in the Cayman Islands may decline to accept jurisdiction
in any matter where:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">it determines that some other jurisdiction is a more appropriate or convenient forum;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">another court of competent jurisdiction has made a determination in respect of the same matter; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">litigation is pending in respect of the same matter in another jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">Proceedings may be stayed in the Cayman
Islands if concurrent proceedings in respect of the same matter are or have been commenced in another jurisdiction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify">Where a document provides for an exclusive jurisdiction clause submitting to a jurisdiction of a court
other than a court in the Cayman Islands, notwithstanding any provision of the document providing for the exclusive jurisdiction of a
court other than the courts in the Cayman Islands, a court in the Cayman Islands may, if it is satisfied that it is just and equitable
to allow such proceedings to continue in the Cayman Islands:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">decline to stay proceedings issued in contravention of such provision; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">grant leave to serve Cayman Islands proceedings out of the Cayman Islands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">18.</TD><TD STYLE="text-align: justify">If:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the performance of the Transaction Documents or the consummation of the transactions contemplated thereby
constitutes an arrangement which facilitates the retention or control by or on behalf of another person of terrorist property (as defined
in the Terrorism Act) by concealment, by removal from the jurisdiction or by transfer to nominees; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any party to the Transaction Documents:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">by any means directly or indirectly knowingly provides or collects property (as defined under the Terrorism
Act) or attempts to do so, with the intention that the property should be used or in the knowledge that it will be used in whole or in
part:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">in order to carry out an act of terrorism (as defined under the Terrorism Act);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">by a terrorist (as defined under the Terrorism Act) to facilitate the first-mentioned person&#8217;s activities
related to acts of terrorism or membership in a terrorist organisation
(as defined under the Terrorism Act); or</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 2in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">by a terrorist organisation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">uses property for the purposes of terrorism;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">possesses property and intends that it should be used, or has reasonable cause to suspect that it may
be used, for the purposes of the financing of acts of terrorism, terrorists or terrorist organisations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">possesses or acquires property which that person knows or has reasonable cause to suspect has been used,
directly or indirectly, in the commission of the financing of acts of terrorism, terrorists or terrorist organisations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">acquires property as a result of or in connection with acts of terrorism; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">enters into or becomes concerned in an arrangement as a result of which terrorist property is made available
or is to be made available to another and knows or has reasonable cause to suspect that property will or may be used for the purposes
of the financing of acts of terrorism, terrorists or terrorist organisations,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">then an offence may be committed under
the Terrorism Act.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify">We render no opinion as to the specific enforcement as against the Company of covenants granted by the
Company to do or to omit to do any action or other matter which is reserved by applicable law or the Company's constitutional documents
to the Company's members or any other person.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">20.</TD><TD STYLE="text-align: justify">We express no opinion on and our opinions are subject to the effect, if any, of any provisions of any
Transaction Document that relies upon financial or numerical computation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">21.</TD><TD STYLE="text-align: justify">The Company may be required to submit (or to cause to be submitted on its behalf) a notification and report
to the Cayman Islands Department for International Tax Cooperation to ensure compliance with any obligations it may have under the laws
of the Cayman Islands relating to the automatic exchange of financial account information.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Based upon and subject to the foregoing, we
are of the opinion that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Company has been duly incorporated and is a validly existing exempted company with limited liability
under the laws of the Cayman Islands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">With respect to Company Debt Securities to be issued under the Indenture, when (i)&nbsp;the board of directors
of the Company (the &quot;<B>Company Board</B>&quot;) has taken all necessary corporate action to approve the issuance and terms of such
Company Debt Securities, the terms of the offering thereof and related matters; (ii)&nbsp;such Company Debt Securities have been duly
executed by a person or persons authorised to execute the same, authenticated, issued and delivered
in accordance with the provisions of the Indenture and in accordance with the applicable definitive purchase, underwriting or similar
agreement approved by the Company Board (a &quot;<B>Purchase Agreement</B>&quot;); and (iii) upon payment of the consideration provided
therefor in the Purchase Agreement, such Company Debt Securities will be duly authorised by the Company and will constitute the legal,
valid and binding obligations of the Company enforceable in accordance with their respective terms.</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We hereby consent to the use of our name in
the prospectus constituting a part of the 2023 Registration Statement and in any prospectus supplements related thereto under the heading
&quot;<I>Enforcement of Civil Liabilities &#8211; Cayman Islands</I>&quot; and &quot;<I>Validity of the Securities</I>&quot; as counsel
for the Company who have passed on the enforcement of civil liabilities in the Cayman Islands and the validity of the Company Debt Securities
being registered by the 2023 Registration Statement, and to the use of this opinion as an exhibit to the 2023 Registration Statement.
In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section&nbsp;7
of the Securities Act or the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This opinion is limited to the matters referred
to herein and shall not be construed as extending to any other matter or document not referred to herein. This opinion is given solely
for your benefit and the benefit of your legal advisers acting in that capacity in relation to this transaction and may not be relied
upon by any other person without our prior written consent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This opinion shall be construed in accordance
with the laws of the Cayman Islands.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 42pt; text-align: left">Yours faithfully</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: left"><FONT STYLE="font-weight: normal"><U>/s/
Walkers (CAYMAN) LLP</U></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: left">Walkers (CAYMAN) LLP</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: left">&nbsp;</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 5.25in; text-align: right"><B>Exhibit 5.3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 5.25in; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">April 13, 2023</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vale S.A.<BR>
    Praia de Botafogo 186 &#8211; offices 1101, 1701 and 1801 - Botafogo<BR>
    22250-145 Rio de Janeiro, RJ</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Brazil</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Vale Overseas Limited<BR>
    One Nexus Way</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Camana Bay, Grand Cayman KY1-9005</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Cayman Islands</P></TD>
    <TD STYLE="width: 43%; padding-right: 5.75pt; padding-bottom: 0.1in; padding-left: 5.75pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have acted as special United States counsel to Vale
S.A., a corporation (<I>sociedade por a&ccedil;&otilde;es</I>) organized under the laws of the Federative Republic of Brazil (&#8220;<U>Vale</U>&#8221;),
and Vale Overseas Limited, an exempted company incorporated with limited liability under the laws of the Cayman Islands (&#8220;<U>Vale
Overseas</U>&#8221;), in connection with the preparation and filing with the Securities and Exchange Commission (the &#8220;<U>Commission</U>&#8221;)
under the Securities Act of 1933, as amended (the &#8220;<U>Securities Act</U>&#8221;), of a registration statement on Form F-3 (the &#8220;<U>Registration
Statement</U>&#8221;) relating to the offering from time to time, in one or more series, of (i) debt securities of Vale (the &#8220;<U>Vale
Securities</U>&#8221;) and (ii) debt securities of Vale Overseas guaranteed by Vale (the &#8220;<U>Vale Overseas Securities</U>&#8221;
and, together with the Vale Securities, the &#8220;<U>Securities</U>&#8221;). The Securities being registered under the Registration Statement
will be offered on a continuous or delayed basis pursuant to the provisions of Rule 415 under the Securities Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unless otherwise provided in any prospectus supplement
forming a part of the Registration Statement relating to a particular series of Securities, the Vale Securities are to be issued under
an indenture dated as of August 4, 2021 (the &#8220;<U>Vale Indenture</U>&#8221;) between Vale and The Bank of New York Mellon (the &#8220;<U>Vale
Trustee</U>&#8221;), and the Vale Overseas Securities are to be issued under the Amended and Restated Indenture dated as of August 4,
2021 (the &#8220;<U>Vale Overseas Indenture</U>&#8221;) among Vale Overseas, Vale and The Bank of New York Mellon, as trustee (the &#8220;<U>Vale
Overseas Trustee</U>&#8221;). Pursuant to the Vale Overseas Indenture, Vale will unconditionally guarantee all of Vale Overseas&#8217;
obligations under the Vale Overseas Securities (the &#8220;<U>Guarantees</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In arriving at the opinions expressed below, we have
reviewed the following documents:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Registration Statement and the documents incorporated by reference therein; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>an executed copy of each of the Vale Indenture and the Vale Overseas Indenture, each filed as an exhibit to the Registration Statement.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have also reviewed the originals or copies certified
or otherwise identified to our satisfaction of such other documents, and we have made such investigations of law, as we have deemed appropriate
as a basis for the opinions expressed below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In rendering the opinions expressed below, we have
assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted
to us as copies. In addition, we have assumed and have not verified (i) the accuracy as to factual matters of each document we have reviewed
and (ii) that the Securities will conform to the forms thereof that we have reviewed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based on the foregoing, and subject to the further
assumptions and qualifications set forth below, it is our opinion that:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1. The Vale Securities to be issued under the Vale
Indenture will be valid, binding and enforceable obligations of Vale, entitled to the benefits of the Vale Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2. The Vale Overseas Securities to be issued under
the Vale Overseas Indenture will be valid, binding and enforceable obligations of Vale Overseas, entitled to the benefits of the Vale
Overseas Indenture.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3. The Guarantees to be issued under the Vale Overseas
Indenture will be valid, binding and enforceable obligations of Vale, entitled to the benefits of the Vale Overseas Indenture.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Insofar as the foregoing opinions relate to the validity,
binding effect or enforceability of any agreement or obligation of Vale or Vale Overseas, (a) we have assumed that each of Vale and Vale
Overseas, as the case may be, and each other party to such agreement or obligation has satisfied or, prior to the issuance of the Securities,
will satisfy those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable
against it (except that no such assumption is made as to Vale or Vale Overseas regarding matters of the federal law of the United States
of America or the law of the State of New York that in our experience normally would be applicable to general business entities in relation
to transactions of the type contemplated in the Vale Indenture, the Vale Overseas Indenture and the Securities), (b) such opinions are
subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#8217; rights generally and to general principles of
equity and (c) such opinions are subject to the effect of judicial application of foreign laws or foreign governmental actions affecting
creditors&#8217; rights.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In rendering the opinions expressed in paragraphs 1,
2 and 3 above, we have assumed that each series of Securities will be issued with an original aggregate principal amount (or, in the case
of any Securities issued at original issue discount, an aggregate issue price) of US$2,500,000 or more.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have further assumed that (i) the Registration Statement
and any amendments thereto (including post-effective amendments) will have become effective and comply with all applicable laws; (ii)
the Registration Statement will be effective and will comply with all applicable laws at the time the Securities are offered or issued
as contemplated by the Registration Statement; (iii) the terms of the Securities will conform to the forms thereof contained in the Vale
Indenture and the Vale Overseas Indenture, as applicable, and will not violate any applicable law or result in a default under or breach
of any agreement or instrument binding upon, or violate any requirement or restriction imposed by any court or governmental body having
jurisdiction over, in the case of the Vale Securities, Vale, and, in the case of the Vale Overseas Securities, Vale or Vale Overseas;
(iv) the Securities will be issued, sold and delivered to, and paid for by, the purchasers at the price specified in, and in accordance
with the terms of, an agreement or agreements duly authorized, executed and delivered by the parties thereto; (v) Vale and, in the case
of the Vale Overseas Securities, Vale Overseas will authorize the offering and issuance of the Securities and will authorize, approve
and establish the final terms and conditions thereof and will enter together with the Vale Trustee or the Vale Overseas Trustee, as applicable,
into any necessary supplemental indenture relating to the Securities and will take any other appropriate additional corporate action;
and (vi) certificates, if required, representing the Securities will be duly executed and delivered and, to the extent required by the
Vale Indenture and the Vale Overseas Indenture, as applicable, duly authenticated and countersigned.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We express no opinion as to the subject matter jurisdiction
of any United States federal court to adjudicate any action relating to the Securities where jurisdiction based on diversity of citizenship
under 28 U.S.C. &sect; 1332 does not exist.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we note that (a) the enforceability in
the United States of the waiver in Section 1.14 of the Vale Indenture and the Vale Overseas Indenture by each of Vale and Vale Overseas
of any immunities from court jurisdiction and from legal process is subject to the limitations imposed by the U.S. Foreign Sovereign Immunities
Act of 1976 and (b) the designation in Section 1.14 of the Vale Indenture and the Vale Overseas Indenture of the U.S. federal courts located
in the Borough of Manhattan, City of New York as the venue for actions or proceedings relating to the Vale Indenture, the Vale Overseas
Indenture, the Securities and the Guarantees is (notwithstanding the waiver in Section 1.14) subject to the power of such courts to transfer
actions pursuant to 28 U.S.C. &sect; 1404(a) or to dismiss such actions or proceedings on the grounds that such a federal court is an
inconvenient forum for such actions or proceedings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to any Securities that may be issued in
a currency other than U.S. dollars, we note that by statute New York provides that a judgment or decree rendered in a currency other than
the currency of the United States shall be converted into U.S. dollars at the rate of exchange prevailing on the date of entry of the
judgment or decree. There is no corresponding Federal statute and no controlling Federal court decision on this issue. Accordingly, we
express no opinion as to whether a Federal court would award a judgment in a currency other than U.S. dollars or, if it did so, whether
it would order conversion of the judgment into U.S. dollars.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, we note that the waiver of defenses relating
to the Guarantees in Article 12 of the Vale Overseas Indenture may be ineffective to the extent that any such defense involves a matter
of public policy in New York (such as reflected in New York&#8217;s anti-champerty statute).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing opinions are limited to the federal law
of the United States of America and the law of the State of New York.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We hereby consent to the filing of this opinion as
Exhibit 5.3 to the Registration Statement and to the reference to this firm in the prospectus constituting a part of the Registration
Statement and in any prospectus supplements related thereto under the heading &#8220;Validity of the Securities&#8221; as counsel for
Vale and Vale Overseas who have passed on the validity under New York law of the Securities being registered by the Registration Statement.
In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of
the Securities Act or the rules and regulations of the Commission thereunder. We assume no obligation to advise you or any other person,
or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect
the opinions expressed herein.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 211.5pt">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 211.7pt">CLEARY GOTTLIEB STEEN &amp; HAMILTON LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.25in 12pt 211.5pt">By: &#9;<U>/s/ Juan G. Gir&aacute;ldez&#9;<BR>
</U>&#9;Juan G. Gir&aacute;ldez, a Partner</P>

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



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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><IMG SRC="ex231_001.jpg" ALT="" STYLE="height: 80px; width: 106px"></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 8pt"><B>Consent of independent registered<BR>
public accounting firm</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">We hereby consent to the incorporation by reference in
this Registration Statement on Form F-3 of Vale S.A. and Vale Overseas Limited of our report dated February 16, 2023 relating to the financial
statements and the effectiveness of internal control over financial reporting, which appears in Vale S.A.&#8217;s Annual Report on Form
20-F for the year ended December 31, 2022. We also consent to the reference to us under the heading &#8220;Experts&#8221; in such Registration
Statement.</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0">Rio de Janeiro, April 13, 2023</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0"><U>/s/ PricewaterhouseCoopers Auditores Independentes Ltda.</U></P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0">PricewaterhouseCoopers</P>

<P STYLE="font: 10pt/107% Georgia, Times, Serif; margin: 0">Auditores Independentes Ltda</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="ex051_001.jpg" ALT=""></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF QUALIFIED PERSON</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Charlie Buck, in connection with the Registration
Statement on Form F-3 of Vale S.A. filed on or about the date hereof (the &ldquo;Registration Statement&rdquo;), hereby consent to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the incorporation by reference in the Registration Statement of Vale&rsquo;s
Annual Report on Form 20-F for the year ended December 31, 2022 (the &ldquo;Annual Report&rdquo;) and the use of the technical report
titled &ldquo;Technical Report Summary for Ontario Operations&rdquo; (the &ldquo;Technical Report&rdquo;), filed as an exhibit to and
referenced in the Annual Report; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the references to my name, including my status as an expert or &ldquo;qualified
person&rdquo; (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in the Registration
Statement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I was responsible for authoring, and this consent
pertains to, Sections 1.1, 1.2, 1.10, 1.14, 1.22; 2; 10; 14; 22.1, 22.9, 22.13, 22.20; 23; 24; 25 of the Technical Report.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I further consent to the incorporation by reference
of this consent into any registration statement or post-effective amendment filed pursuant to Rule 462(b) or Rule 462(e) under the Securities
Act of 1933, as amended, with respect to the securities registered in the Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: 23 March 2023</P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">_________________________________________________________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Manager-Milling and Technology North Atlantic</P>


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    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF QUALIFIED PERSON</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Tiffany Dube, in connection with the Registration
Statement on Form F-3 of Vale S.A. filed on or about the date hereof (the &ldquo;Registration Statement&rdquo;), hereby consent to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the incorporation by reference in the Registration Statement of Vale&rsquo;s
Annual Report on Form 20-F for the year ended December 31, 2022 (the &ldquo;Annual Report&rdquo;) and the use of the technical report
titled &ldquo;Technical Report Summary for Ontario Operations&rdquo; (the &ldquo;Technical Report&rdquo;), filed as an exhibit to and
referenced in the Annual Report; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the references to my name, including my status as an expert or &ldquo;qualified
person&rdquo; (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in the Registration
Statement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I was responsible for authoring, and this consent
pertains to, Sections 1.1, 1.2, 1.12,1.13, 1.15, 1.16, 1.17.2, 1.17.4, 1.18, 1.19, 1.20, 1.21, 1.22; 2; 12; 13.1, 13.4, 13.5, 13.6, 13.7,
13.8, 13.9, 13.10, 13.11, 13.12; 15.1, 15.2, 15.3, 15.5, 15.7, 15.8, 15.9; 16; 17.3, 17.4, 17.5; 18; 19; 22.1, 22.11, 22.12, 22.14, 22.15,
that portion of 22.16 that pertains to closure and social considerations, 22.17, 22.18, 22.20, 22.21; 23; 24; 25, that portion of 22.16
that pertains to social considerations, 22.20; 23; 24; and 25 of the Technical Report.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I further consent to the incorporation by reference
of this consent into any registration statement or post-effective amendment filed pursuant to Rule 462(b) or Rule 462(e) under the Securities
Act of 1933, as amended, with respect to the securities registered in the Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: 23 March 2023</P>

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

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

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

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

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________________________________________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Manager&ndash;Long-Term Planning and Mine Design North
Atlantic</P>


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    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF QUALIFIED PERSON</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Darren Hodder, in connection with the Registration
Statement on Form F-3 of Vale S.A. filed on or about the date hereof (the &ldquo;Registration Statement&rdquo;), hereby consent to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the incorporation by reference in the Registration Statement of Vale&rsquo;s
Annual Report on Form 20-F for the year ended December 31, 2022 (the &ldquo;Annual Report&rdquo;) and the use of the technical report
titled &ldquo;Technical Report Summary for Ontario Operations&rdquo; (the &ldquo;Technical Report&rdquo;), filed as an exhibit to and
referenced in the Annual Report; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the references to my name, including my status as an expert or &ldquo;qualified
person&rdquo; (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in the Registration
Statement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I was responsible for authoring, and this consent
pertains to, Sections 1.1, 1.2, 1.3, 1.4, 1.5, 1.6, 1.7, 1.8, 1.9, 1.11, that portion of 17.1.4 that pertains to social considerations,
1.22; 2; 3; 4; 5, 6; 7.1, 7.2; 8; 9; 11; 17.5; 20; 21; 22.1, 22.2, 22.3, 22.4, 22.5, 22.6, 22.7, 22.8, that portion of 22.16 that pertains
to social considerations, 22.20; 23; 24; and 25 of the Technical Report.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I further consent to the incorporation by reference
of this consent into any registration statement or post-effective amendment filed pursuant to Rule 462(b) or Rule 462(e) under the Securities
Act of 1933, as amended, with respect to the securities registered in the Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: 23 March 2023</P>

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

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

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

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

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________________________________________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Manager&ndash;Long Term Geology and In-Mine Exploration
North Atlantic</P>


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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF QUALIFIED PERSON</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Lisa Lanteigne, in connection with the Registration
Statement on Form F-3 of Vale S.A. filed on or about the date hereof (the &ldquo;Registration Statement&rdquo;), hereby consent to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the incorporation by reference in the Registration Statement of Vale&rsquo;s
Annual Report on Form 20-F for the year ended December 31, 2022 (the &ldquo;Annual Report&rdquo;) and the use of the technical report
titled &ldquo;Technical Report Summary for Ontario Operations&rdquo; (the &ldquo;Technical Report&rdquo;), filed as an exhibit to and
referenced in the Annual Report; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the references to my name, including my status as an expert or &ldquo;qualified
person&rdquo; (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in the Registration
Statement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">I was responsible for authoring, and this consent
pertains to, Sections 1.1, 1.2, 1.17.1, 1.22; 2; Chapter 15.6; 17.l, 17.2; 22.1, that portion of 22.16 that pertains to environmental
considerations, 22.20; 23; 24; 25 of the Technical Report..</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I further consent to the incorporation by reference
of this consent into any registration statement or post-effective amendment filed pursuant to Rule 462(b) or Rule 462(e) under the Securities
Act of 1933, as amended, with respect to the securities registered in the Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: 23 March 2023</P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________________________________________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Manager-Environment North Atlantic</P>


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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF QUALIFIED PERSON</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Xiaolin (Mike) Yao, in connection with the Registration
Statement on Form F-3 of Vale S.A. filed on or about the date hereof (the &ldquo;Registration Statement&rdquo;), hereby consent to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the incorporation by reference in the Registration Statement of Vale&rsquo;s
Annual Report on Form 20-F for the year ended December 31, 2022 (the &ldquo;Annual Report&rdquo;) and the use of the technical report
titled &ldquo;Technical Report Summary for Ontario Operations&rdquo; (the &ldquo;Technical Report&rdquo;), filed as an exhibit to and
referenced in the Annual Report; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the references to my name, including my status as an expert or &ldquo;qualified
person&rdquo; (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in the Registration
Statement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I was responsible for authoring, and this consent
pertains to, Sections 1.1, 1.2, those portions of 1.13.1 and 1.13.2 that pertain to geotechnical and hydrological considerations, 1.22;
2; 7.3, 7.4; 13.2, 13.3; 25.1, that portion of 25.12 that pertains to geotechnical and hydrological considerations, 22.20; 23; 24; 25of
the Technical Report</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I further consent to the incorporation by reference
of this consent into any registration statement or post-effective amendment filed pursuant to Rule 462(b) or Rule 462(e) under the Securities
Act of 1933, as amended, with respect to the securities registered in the Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: 23 March 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/ Xiaolin (Mike) Yao</P>

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

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

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________________________________________________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Xiaolin (Mike) Yao</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Manager&ndash;Rock Engineering North Atlantic</P>


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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF QUALIFIED PERSON</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Monica Ansah-Sam, in connection with the Registration
Statement on Form F-3 of Vale S.A. filed on or about the date hereof (the &ldquo;Registration Statement&rdquo;), hereby consent to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the incorporation by reference in the Registration Statement of Vale&rsquo;s
Annual Report on Form 20-F for the year ended December 31, 2022 (the &ldquo;Annual Report&rdquo;) and the use of the technical report
titled &ldquo;Technical Report Summary for Ontario Operations&rdquo; (the &ldquo;Technical Report&rdquo;), filed as an exhibit to and
referenced in the Annual Report; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the references to my name, including my status as an expert or &ldquo;qualified
person&rdquo; (as defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission) in the Registration
Statement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I was responsible for authoring, and this consent
pertains to, Sections 1.1, 1.2, that portion of 1.15 that pertains to tailings storage and tailings storage facilities, 1.22; 2; 15.4;
22.1 and that portion of 22.14 that pertains to tailings storage and tailings storage facilities, 22.20; 23; 24; 25 of the Technical Report.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I further consent to the incorporation by reference
of this consent into any registration statement or post-effective amendment filed pursuant to Rule 462(b) or Rule 462(e) under the Securities
Act of 1933, as amended, with respect to the securities registered in the Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated: 23 March 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">/s/ Monica Ansah-Sam</P>

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

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

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: center">_________________________________________________________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Manager&ndash;Tailings and Dams North Atlantic</P>



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

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

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

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  <TD STYLE="text-align: center; width: 100%">6</TD></TR>
</TABLE>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>7
<FILENAME>ex25-1.htm
<DESCRIPTION>EX-25.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 25.1</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>FORM T-1</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>STATEMENT OF ELIGIBILITY</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE TRUST INDENTURE ACT OF 1939</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of trustee as specified in its charter)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13-5160382</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State of incorporation</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>if not a U.S. national bank)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. employer</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>identification no.)</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>240 Greenwich Street, Floor 7 East, New York, N.Y.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10286</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(Zip code)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>VALE S.A.</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of obligors as specified in their charters)</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 7.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 48%"><FONT STYLE="font-size: 10pt"><B>The Federative Republic of Brazil</B></FONT></TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 48%"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7.5pt"><B>(State or other jurisdiction of</B></FONT></P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7.5pt"><B>incorporation or organization)</B></FONT></P></TD>
  <TD><FONT STYLE="font-size: 7.5pt"><B>&nbsp;</B></FONT></TD>
  <TD STYLE="text-align: center; font-size: 7.5pt"><FONT STYLE="font-size: 7.5pt"><B>(I.R.S. employer identification no.)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Praia de Botafogo 186 &ndash;
                                 offices 1101, 1701, and 1801 -</B></FONT></P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Botafogo</B></FONT></P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>22250-145 Rio de Janeiro,
                                 RJ, Brazil</B></FONT></P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 7.5pt"><B>(Address of registrants&rsquo;
                                 principal executive offices)</B></FONT></P></TD>
  <TD><B>&nbsp;</B></TD>
  <TD STYLE="text-align: center"><FONT STYLE="font-size: 7.5pt"><B>(Zip code)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0; text-align: center"><B>Debt Securities</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Title of the indenture securities)</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>




<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General information. Furnish the following information as to the Trustee:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and address of each examining or supervising authority to which it is subject.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; border-bottom: black 0.75pt solid; text-align: center">Name</P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; border-bottom: black 0.75pt solid; text-align: center">Address</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Superintendent of Banks of the State of New York</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One State Street, New York, N.Y.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">10004, and One Commerce Plaza,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Albany, N.Y. 12257</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Reserve Bank of New York</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">33 Liberty Street, New York, N.Y.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">10045</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Deposit Insurance Corporation</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">550 17</FONT><FONT STYLE="font-size: 7.5pt"><SUP>th</SUP></FONT><FONT STYLE="font-size: 10pt">&nbsp;Street,
    N.W.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Washington, D.C. 20429</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Clearing House Association L.L.C.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10005</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whether it is authorized to exercise corporate trust powers.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">Yes.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affiliations with Obligor and any Guarantor.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt"><B>If the obligor or any guarantor is an affiliate of the
trustee, describe each such affiliation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">None.</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3-15.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant to General Instruction B of the Form T-1, no responses are included for Items 3-15 of this Form T-1 because, to the best of the Trustee&rsquo;s knowledge, neither the obligor nor any guarantor is in default under any Indenture for which the Trustee acts as Trustee and the Trustee is not a foreign trustee as provided under Item&nbsp;15 .</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>List of Exhibits.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt"><B>Exhibits identified in parentheses below, on file with
the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939
(the &ldquo;Act&rdquo;) and 17 C.F.R. 229.10(d).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">1. A copy of the Organization Certificate of The Bank of
New York Mellon (formerly known as The Bank of New York, itself formerly Irving Trust Company) as now in effect, which contains the authority
to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form T 1 filed with
Registration Statement No.&nbsp;33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No.&nbsp;33-21672, Exhibit 1
to Form T-1 filed with Registration Statement No.&nbsp;33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No.&nbsp;333-121195
and Exhibit 1 to Form T-1 filed with Registration Statement No.&nbsp;333-152735).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">4. A copy of the existing By-laws of the Trustee. (Exhibit
4 to Form T-1 filed with Registration Statement No.&nbsp;333-154173).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">6. The consent of the Trustee required by Section&nbsp;321(b)
of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No.&nbsp;333-152735).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">7. A copy of the latest report of condition of the Trustee
published pursuant to law or to the requirements of its supervising or examining authority.<BR STYLE="clear: both">
</P>


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








<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Pursuant to the requirements of the Act, the
Trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has duly caused this
statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State
of New York, on April 3, 2023.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; border-bottom: black 0.75pt solid">/s/Francine Kincaid</P></TD></TR>
  <TR>
    <TD STYLE="width: 83%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francine Kincaid</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B><U>EXHIBIT 7</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; border-top: Black 0.5pt solid; text-align: center">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">of 240 Greenwich Street, New York, N.Y. 10286<BR>
And Foreign and Domestic Subsidiaries,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">a member of the Federal Reserve System, at
the close of business December 31, 2022, published in accordance with a call made by the Federal Reserve Bank of this District pursuant
to the provisions of the Federal Reserve Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 26.1pt 0 0"><B>ASSETS&nbsp;</B></P></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Dollar amounts in thousands&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -5.25pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cash and balances due from depository institutions:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noninterest-bearing balances and currency and coin&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4,164,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest-bearing balances&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">101,356,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Securities:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Held-to-maturity securities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">56,192,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Available-for-sale debt securities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">86,291,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Equity securities with readily determinable fair values not held for trading</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Federal funds sold and securities purchased under agreements to resell:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -18.75pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">10,070,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and lease financing receivables:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and leases held for sale</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and leases held for investment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">31,535,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">LESS: Allowance for loan and lease losses</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">154,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and leases held for investment, net of allowance&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">31,381,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Trading assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4,906,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Premises and fixed assets (including capitalized leases)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2,810,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other real estate owned&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Investments in unconsolidated subsidiaries and associated companies&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,286,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 25.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Direct and indirect investments in real estate ventures </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">6,937,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.75pt solid; text-align: right">19,250,000</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; border-bottom: Black 2.25pt double; text-align: right">324,646,000</P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 61%; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Deposits:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">In domestic offices&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">181,486,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noninterest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">76,243,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">105,243,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">In foreign offices, Edge and Agreement subsidiaries, and IBFs&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">100,047,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noninterest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">5,807,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">94,240,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Federal funds purchased and securities sold under agreements to repurchase:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 26.1pt 0 9pt; text-indent: -9pt">Securities sold under agreements to
    repurchase&#9;</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">3,887,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Trading liabilities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2,867,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other borrowed money:<BR>
(includes mortgage indebtedness and obligations under capitalized leases)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,171,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Not applicable</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Not applicable</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Subordinated notes and debentures&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other liabilities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.75pt solid; text-align: right">8,438,000</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total liabilities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; border-bottom: Black 2.25pt double; text-align: right">297,896,000</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>EQUITY CAPITAL</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Perpetual preferred stock and related surplus</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Common stock&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,135,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Surplus (exclude all surplus related to preferred stock)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">11,968,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Retained earnings&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18,016,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: -0.9pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Accumulated other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">-4,369,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other equity capital components</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total bank equity capital&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">26,750,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noncontrolling (minority) interests in consolidated subsidiaries </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total equity capital&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.75pt solid; text-align: right">26,750,000</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total liabilities and equity capital&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 2.25pt double; text-align: right">324,646,000</P></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-align: justify; text-indent: 0.5in">I, Dermot McDonogh,
Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my
knowledge and belief.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 0; text-align: right; text-indent: 1in">Dermot McDonogh<BR>
Chief Financial Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We, the undersigned directors,
attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best
of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><P STYLE="margin-top: 0; margin-bottom: 0">Robin A. Vince</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Frederick O. Terrell</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Joseph J. Echevarria</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
  <TD STYLE="width: 34%"><IMG SRC="ex251_001.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 33%; vertical-align: middle">Directors</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR> <BR> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>




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<DOCUMENT>
<TYPE>EX-25.2
<SEQUENCE>8
<FILENAME>ex25-2.htm
<DESCRIPTION>EX-25.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 25.2</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>FORM T-1</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>STATEMENT OF ELIGIBILITY</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE TRUST INDENTURE ACT OF 1939</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact name of trustee
as specified in its charter)</B></FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 54%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13-5160382</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -0.25in"><B>(State of incorporation</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center; text-indent: -0.25in"><B>if not a U.S. national
    bank)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. employer</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>identification no.)</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>240 Greenwich Street, Floor 7 East, New York, N.Y.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10286</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(Zip code)</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>VALE OVERSEAS LIMITED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7.5pt"><B>(Exact name of obligors
as specified in their charters)</B></FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 66%; padding-right: 45pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Federative Republic of Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 45pt 0 0; text-align: center"><B>(State or other jurisdiction of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 45pt 0.75pt 0; text-align: center"><B>incorporation or organization)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 45pt 0.75pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -40.5pt"><B>Praia de Botafogo 186 &ndash;
    offices 1101, 1701, and 1801 - Botafogo</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -40.5pt"><B>22250-145 Rio de Janeiro,
    RJ, Brazil</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -40.5pt"><B>(Address of registrants&rsquo;
    principal executive offices)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. employer</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>identification no.)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>(Zip code)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>VALE S.A.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7.5pt"><B>(Exact name of obligors
as specified in their charters)</B></FONT><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 66%; padding-right: 0.75in; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Federative Republic of Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0.75in 0 0; text-align: center"><B>(State or other jurisdiction of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0.75in 0.75pt 0; text-align: center"><B>incorporation or organization)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0.75in 0.75pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Praia de Botafogo 186 &ndash; offices 1101, 1701,
    and 1801 - Botafogo</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>22250-145 Rio de Janeiro, RJ, Brazil</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of registrants&rsquo; principal executive
    offices)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. employer</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>identification no.)</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>(Zip code)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B>Debt Securities</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Title of the indenture securities)</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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





<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General information. Furnish the following information as to the Trustee:</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and address of each examining or supervising authority to which it is subject.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; border-bottom: black 0.75pt solid; text-align: center">Name</P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; border-bottom: black 0.75pt solid; text-align: center">Address</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Superintendent of Banks of the State of New York</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One State Street, New York, N.Y.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">10004, and One Commerce Plaza,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Albany, N.Y. 12257</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Reserve Bank of New York</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">33 Liberty Street, New York, N.Y.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">10045</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal Deposit Insurance Corporation</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">550 17</FONT><FONT STYLE="font-size: 7.5pt"><SUP>th</SUP></FONT><FONT STYLE="font-size: 10pt">&nbsp;Street,
    N.W.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Washington, D.C. 20429</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Clearing House Association L.L.C.</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10005</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whether it is authorized to exercise corporate trust powers.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">Yes.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affiliations with Obligor and any Guarantor.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt"><B>If the obligor or any guarantor is an affiliate of the
trustee, describe each such affiliation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">None.</P>

<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3-15.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant to General Instruction B of the Form T-1, no responses are included for Items 3-15 of this Form T-1 because, to the best of the Trustee&rsquo;s knowledge, neither the obligor nor any guarantor is in default under any Indenture for which the Trustee acts as Trustee and the Trustee is not a foreign trustee as provided under Item&nbsp;15 .</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>List of Exhibits.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt"><B>Exhibits identified in parentheses below, on file with
the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939
(the &ldquo;Act&rdquo;) and 17 C.F.R. 229.10(d).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">1. A copy of the Organization Certificate of The Bank of
New York Mellon (formerly known as The Bank of New York, itself formerly Irving Trust Company) as now in effect, which contains the authority
to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No.&nbsp;1 to Form T 1 filed with
Registration Statement No.&nbsp;33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No.&nbsp;33-21672, Exhibit 1
to Form T-1 filed with Registration Statement No.&nbsp;33-29637, Exhibit 1 to Form T-1 filed with Registration Statement No.&nbsp;333-121195
and Exhibit 1 to Form T-1 filed with Registration Statement No.&nbsp;333-152735).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">4. A copy of the existing By-laws of the Trustee. (Exhibit
4 to Form T-1 filed with Registration Statement No.&nbsp;333-154173).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">6. The consent of the Trustee required by Section&nbsp;321(b)
of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No.&nbsp;333-152735).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 55.6pt">7. A copy of the latest report of condition of the Trustee
published pursuant to law or to the requirements of its supervising or examining authority.<BR STYLE="clear: both">
</P>


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








<HR SIZE="4" NOSHADE ALIGN="CENTER" STYLE="width: 100%; color: #999999">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Pursuant to the requirements of the Act, the
Trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has duly caused this
statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State
of New York, on April 3, 2023.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; border-bottom: black 0.75pt solid"><FONT STYLE="font-size: 12pt">/s/
    </FONT><FONT STYLE="font-size: 10pt">Francine Kincaid</FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 83%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francine Kincaid </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B><U>EXHIBIT 7</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; border-top: Black 0.5pt solid; text-align: center">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">of 240 Greenwich Street, New York, N.Y. 10286<BR>
And Foreign and Domestic Subsidiaries,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">a member of the Federal Reserve System, at
the close of business December 31, 2022, published in accordance with a call made by the Federal Reserve Bank of this District pursuant
to the provisions of the Federal Reserve Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 26.1pt 0 0"><B>ASSETS&nbsp;</B></P></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Dollar amounts in thousands&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -5.25pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cash and balances due from depository institutions:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noninterest-bearing balances and currency and coin&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4,164,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest-bearing balances&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">101,356,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Securities:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Held-to-maturity securities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">56,192,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Available-for-sale debt securities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">86,291,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Equity securities with readily determinable fair values not held for trading</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Federal funds sold and securities purchased under agreements to resell:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: -18.75pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">10,070,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and lease financing receivables:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and leases held for sale</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and leases held for investment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">31,535,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">LESS: Allowance for loan and lease losses</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">154,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Loans and leases held for investment, net of allowance&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">31,381,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Trading assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4,906,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Premises and fixed assets (including capitalized leases)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2,810,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other real estate owned&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Investments in unconsolidated subsidiaries and associated companies&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,286,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 25.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Direct and indirect investments in real estate ventures </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Intangible assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">6,937,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.75pt solid; text-align: right">19,250,000</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 26.1pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; border-bottom: Black 2.25pt double; text-align: right">324,646,000</P></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 61%; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Deposits:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">In domestic offices&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">181,486,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noninterest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">76,243,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">105,243,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">In foreign offices, Edge and Agreement subsidiaries, and IBFs&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">100,047,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noninterest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">5,807,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interest-bearing&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">94,240,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Federal funds purchased and securities sold under agreements to repurchase:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 26.1pt 0 9pt; text-indent: -9pt">Securities sold under agreements to</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 26.1pt 0 9pt; text-indent: -9pt">repurchase&#9;</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">3,887,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Trading liabilities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2,867,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other borrowed money:<BR>
(includes mortgage indebtedness and obligations under capitalized leases)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,171,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Not applicable</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Not applicable</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Subordinated notes and debentures&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other liabilities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.75pt solid; text-align: right">8,438,000</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total liabilities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; border-bottom: Black 2.25pt double; text-align: right">297,896,000</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>EQUITY CAPITAL</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Perpetual preferred stock and related surplus</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Common stock&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1,135,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Surplus (exclude all surplus related to preferred stock)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">11,968,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Retained earnings&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">18,016,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -0.9pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Accumulated other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">-4,369,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Other equity capital components</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total bank equity capital&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">26,750,000</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Noncontrolling (minority) interests in consolidated subsidiaries </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total equity capital&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.75pt solid; text-align: right">26,750,000</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 26.1pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total liabilities and equity capital&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 2.25pt double; text-align: right">324,646,000</P></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0 12pt; text-align: justify; text-indent: 0.5in">I, Dermot McDonogh,
Chief Financial Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my
knowledge and belief.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 0; text-align: right; text-indent: 1in">Dermot McDonogh<BR>
Chief Financial Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We, the undersigned directors,
attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best
of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%">Robin A. Vince <BR>
Frederick O. Terrell<BR>
Joseph J. Echevarria</TD>
  <TD STYLE="text-align: center; width: 34%"><IMG SRC="ex251_001.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Directors</FONT></TD></TR>
</TABLE>

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<TYPE>EX-FILING FEES
<SEQUENCE>9
<FILENAME>ex107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLES
<TEXT>
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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-size: 18pt"><B>Form
F-3</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Form Type)</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>Vale S.A.</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><B>Vale Overseas Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt"><BR>
(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Table 1: Newly Registered and Carry Forward
Securities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 14%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Security&nbsp;Type</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Security<BR>
Class<BR>
Title</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fee<BR>
Calculation<BR>
or Carry<BR>
Forward Rule</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center; text-indent: 4.15pt"><FONT STYLE="font-size: 8pt"><B>Amount<BR>
Registered</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed<BR>
Maximum<BR>
Offering Price<BR>
Per Unit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Maximum<BR>
Aggregate<BR>
Offering Price</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; text-align: center; text-indent: 1.9pt"><FONT STYLE="font-size: 8pt"><B>Fee&nbsp;Rate</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Amount of<BR>
Registration Fee</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Carry Forward Form Type</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Carry Forward File Number</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Carry Forward Initial Effective Date</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Newly Registered Securities</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Debt Securities of Vale S.A.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Debt Securities of Vale Overseas</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Vale Guarantee of Vale Overseas Securities (2)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Unallocated<BR>
(Universal)<BR>
Shelf</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">457(o)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(3)(4)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">0.00011020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Carry Forward Securities</B></P></TD>
    <TD STYLE="vertical-align: top">
</TD>
    <TD STYLE="vertical-align: top">
</TD>
    <TD STYLE="vertical-align: top">
</TD>
    <TD STYLE="vertical-align: top">
</TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Carry Forward Securities</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Unallocated<BR>
(Universal)<BR>
Shelf</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">415(a)(6)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">US$4,000,000,000 (3)(4)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">US$4,000,000,000 (3)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">F-3</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">333-258466</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">August 4, 2021</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">US$440,800</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">US$4,000,000,000 </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>Total Fees Previously Paid</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&#8213;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">US$0.00</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

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<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="text-align: justify">Debt securities of Vale S.A and debt securities of Vale Overseas Limited, fully and unconditionally guaranteed
by Vale S.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="text-align: justify">Pursuant to Rule 457(n) under the Securities Act of 1933, as amended, no separate fee for the Guarantees
by Vale S.A. of Vale Overseas Limited Debt Securities is payable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="text-align: justify">Pursuant to Rule 415(a)(6) under the Securities Act, this registration statement will include US$4,000,000,000
in maximum aggregate offering price of unsold securities that were previously registered on the registration statement on Form F-3 (File
Nos. 333-258466 and 333-258466-01), filed on August 4, 2021, as amended by Post-Effective Amendment No. 1 filed on April 12, 2023 (the
&ldquo;Prior Registration Statement&rsquo;&rsquo;), for which the registrants paid a registration fee of US$440,800. In accordance with
SEC rules, the registrants may continue to use the Prior Registration Statement to offer and sell any unsold securities during the grace
period afforded by Rule 415(a)(5). The filing fee paid with respect to the unsold securities in the Prior Registration Statement is being
used to pay the filing fee in connection with the filing of this registration statement. If the registrants sell any securities pursuant
to the Prior Registration Statement after the date hereof and prior to the date of effectiveness of this registration statement, the registrants
will file a pre-effective amendment to this registration statement to update the amount of unsold securities from the Prior Registration
Statement to be included in this registration statement pursuant to Rule 415(a)(6). Pursuant to Rule 415(a)(6), the offering of unsold
securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="text-align: justify">Including such indeterminate principal amount of debt securities as may be issued from time to time at
indeterminate prices, not to exceed the Maximum Aggregate Offering Price. In addition, pursuant to Rule 416(a) under the Securities Act
of 1933, as amended, this registration statement shall be deemed to cover any additional number of securities that may be issued from
time to time to prevent dilution as a result of a distribution, split, combination, or similar transaction. Securities registered hereunder
may be sold separately, or together with other securities registered hereunder. Includes consideration to be received by the registrants,
if applicable, for registered securities that are issuable upon exercise, conversion, or exchange of other registered securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="text-align: justify">The proposed maximum aggregate offering price per class of security will be determined from time to time
by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is not specified as to
each class of security pursuant to item 2.A.iii.b under Instructions to the Calculation of Filing Fee Tables and Related Disclosure of
Form F-3 under the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Table 2: Fee Offset Claims and Sources</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">N/A</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Table 3: Combined Prospectuses</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">N/A</P>


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